Economy

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Public equity price multiples have compressed since peaking in February 2021

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Better-performing vintages have tended to deploy capital in lower-multiple and recessionary environments

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Current and 25-year average median EV/EBIT (ex negative EBIT) levels for Russell indexes

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Opinions on safe withdrawal rates have varied over time

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Serial Roth conversions

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Bear markets don't last forever

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Percentage of US equity fund assets controlled by actively managed funds: 1993-2021

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