Returns

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Postwar bull markets - Cumulative S&P 500 total return

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Active managers have often outperformed the Agg

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Investment-grade corporate leverage has been steadily rising

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2010 - 2019 Returns by asset class

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Total returns, last 20 years

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Percent of companies without positive earnings

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Correlations with S&P 500 and Q1 2020 Returns

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Active Manager Outperformance in International Small Caps 1995-2020

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Stock market overvalued versus income

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The Consistency of the small Cap Premium 1995-2020

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