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Economy

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Stocks have trended higher regardless of which party has been in office (Morningstar Data 1933-2018)

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Value Is Not Unique... All Factors Have Long Dry Spells ( Research Affiliates 1962-2018)

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S&P500 vs. Financials

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Value Has Underperformed Since 2006 ( Research Affiliates 1963-2018)

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Global bank stocks

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Asset Class Returns

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Real Income Takes Years to Return after Recessions (FRED 1984-2018)

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Consumer Expectations

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US Value vs. Growth: Relative Cumulative Wealth and Duration

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S&P 500: 1965-2019 (Reuters Data)

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