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Valuation

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Bonds retain their magic negative correlation to stocks once core inflation sustainably falls below 3%

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Real S&P 500 Index With Records Highs Since 1905

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Municipal yields at highest absolute levels in a decade

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S&P 500: Earnings Growth, Price Returns, TTM P/E ratios (1989-2023)

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US vs Emerging Market Equities (Relative Price, USD) (1950-2023)

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P/E of High Dividend Stocks vs. S&P 500 (%) (1980-2023)

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Small Caps Remain Historically Cheap vs Large Caps (1985-2023)

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BofA private client equity holdings as % of AUM since 2005

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MSCI US P/E relative to MSO WorldxUS P/E since 1970

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S&P 500 Intra-Year Decline

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