U.S. Real GDP and Stock-to-Bond Ratio (Leading Indicator) The stock-to-bond ratio tends to lead U.S. real GDP by 5 months. Image: Alpine Macro

G10 Policy Rates The level of G10 policy synchronization should continue. Image: Goldman Sachs Global Investment Research

Inflation – UN Food and Agriculture World Food Price Index Will global food prices continue to soar? Image: BofA Global Investment Strategy

Small Caps – Net Debt to EBITDA Ratio Is debt the main issue for small caps? Image: Morgan Stanley Wealth Management

Inflation vs. S&P 500 YoY Price Returns Historically, the S&P 500 has generated the highest returns in periods of low single-digit inflation. Image: BofA US Equity & Quant Strategy

AAII Investor Sentiment Survey and S&P 500 Index Return The AAII investor sentiment is a useful contrarian indicator. Image: Jeroen Blokland

Valuation – Price to Earnings and Average Annual Return Valuations do matter as they have an impact on return expectations. Image: Richardson Wealth

Indications of Consumer Saving Should investors expect more consumer spending than saving? Image: Arbor Research & Trading LLC

Summary Table of Bubble Characteristics and Risks Are there bubble signs that should make investors cautious? Image: Goldman Sachs Global Investment Research

Scatter Plot S&P 500 Index Returns to GDP 8% GDP growth in 2021 comes out to a 6.9% return for the S&P 500 Index. Image: LPL Research