% of Total Flows into Equity Mutual Funds and ETFs since 1996 Historically, January tends to see strong equity inflows. Image: Goldman Sachs Global Investment Research

Valuation – S&P 500 Next 12 Months P/E Ratio vs. University of Michigan Consumer Expectations Index The valuation of the S&P 500 remains high as consumer expectations fall. Image: Morgan Stanley Wealth Management

Developed Market Long-Only Flows Why do equity investors hit the sell button? Image: BofA Global Investment Strategy

S&P 500 Members Why is the S&P 500 hard to beat this year? Image: S&P Global Market Intelligence

M2 / Equity Market Capitalization vs. S&P 500 Could a liquidity shortage send the S&P 500 lower? Image: Alpine Macro

Seasonality – Average Monthly Change in EUR/USD Will EUR/USD fall in January 2022? Image: Nordea and Macrobond

Liquidity and Solvency Risk Indices Liquidity and solvency risk indices remain low, which is good news for stocks. Image: Arbor Research & Trading LLC

Valuation – Europe STOXX 600 12-Month Forward P/E European stocks still look cheaper than their U.S. counterparts. Image: Goldman Sachs Global Investment Research

OECD Countries – Projected Real GDP per Capita Growth Canada is expected to be the worst performing advanced economy over 2020-2030. Image: OECD

High Yield Bonds – 12-Month Cumulative Volume of Rising Stars Minus Fallen Angels BofA forecasts a total return of 4-5% for U.S. high-yield bonds in 2022. Image: BofA Global Research

Seasonality – Average Monthly Change in S&P 500 Will January 2022 be a challenging month for U.S. equities? Image: Nordea and Macrobond