10 Years Ended 31 December 2022

20 Years Ended 31 December 2022

Historical drawdowns of 15% or more in the S&P 500 Index*

The lagged effect of inflation.

"Despite the historically high unexpected inflation, current revisions to long-term inflation expectations remain around 20 basis points, similar to the revisions in 2018 and slightly smaller than revisions in 2014."

The Austria 100 years bond price is down almost 50% from its 2020 all-time-high...

Fed Pivot Becomes Fed Prayer

Imbalances: US equities have lost c. 75% of their value vs bonds from 1971 until 2016

"This structural trend in Asia, particularly China and India, is one which European companies have increasingly grown exposure to over the past three decades."