U.S. Inflation and S&P 500 Trailing P/E Historically, when inflation is very high, the P/E multiple of the S&P 500 is very low. Image: Deutsche Bank

Russell 2000 Value/Growth Relative Returns Should investors favor small-cap value stocks over small-cap growth stocks? Image: BofA Research Investment Committee

Stocks – STOXX Europe 600 and Equity Strategy STOXX 600 Base Case Should investors underweight European equities in 2022? Image: BofA Global Research

S&P 500 Around First Fed Rate Hikes vs. Speed of Hikes Historically, the S&P 500 has tended to struggle in the first year of fast tightening cycles. Image: Ned Davis Research

Returns – R-squared of Fed Balance Sheet YoY vs. YoY Change in S&P 500 Market Capitalization that is not Driven by Earnings Since 2010, the Fed balance sheet expansion tends to explain 52% of S&P…

7-Quarter Change in U.S. Household Net Worth The net worth of U.S. households reached a record high of 128% of GDP. Image: BCA Research

U.S. Industry Valuations – Cheap vs. Expensive The valuation differential between the cheapest vs. most expensive industries in the U.S. is at the lowest level in 20 years. Image: Topdown Charts

After-Tax Corporate Profits as a Share of GDP Profit margins have risen sharply to an all-time high in the third quarter of 2021. Image: Goldman Sachs Global Investment Research

Number of U.S. Public Companies vs. the Net Percentage of Share Buyback for the S&P 500 The number of U.S. publicly traded companies is on the rise, thanks to a strong bull market. Image: BofA…

Monthly S&P 500 Seasonality for Presidential Cycle Year 1 S&P 500 seasonality shows that December is historically a positive month in Presidential cycle year 1. Image: BofA Global Research

S&P 500 – >20% YTD Return at the End of November When the S&P 500 is up more than 20% at the end of November, December tends to be bullish for U.S. stocks.