Technology as a Share of Global Equity Market Capitalization Tech accounts for 33% of global equity market capitalization. Is it a peak? Image: BofA Global Research

S&P 500 Total Return vs. U.S. High Yield/High Grade Total Return Relative Credit tends to lead stocks. Image: BofA Global Investment Strategy

Annual Global Equity Flows Global equity inflows are very strong. Image: BofA Global Investment Strategy

U.S. Budget Deficit and Current Account The U.S. federal government’s budget deficit is skyrocketing. This is not a cause for panic… yet. Image: BofA Global Investment Strategy

WTI Crude Oil Price and Fitted Oil Price Should investors expect higher oil prices in 2021 and 2022? Image: Deutsche Bank Asset Allocation

U.S. Trade-Weighted Dollar and Twin Deficits as % of GDP (Leading Indicator) Historically, the twin deficits tend to lead the U.S. dollar by two years. Image: Deutsche Bank

Real S&P 500 Gain and 1942-1946 Analog Will U.S. equities continue to follow the 1942-1946 analog? Image: Fidelity Investments

Distribution of Bitcoin Value by Fraction of Addresses (Accounts) Is everyone getting rich with Bitcoin? The top 2.4% of addresses with the largest balances own 95% of total Bitcoin. Image: BofA Global Research

Stocks – Sector Correlations vs. Intrasector Stock Correlations The fact that stocks are more differentiated than sectors bodes well for stock pickers. Image: BofA US Equity & Quant Strategy

U.S. Stock Market Crashes A stock market crash can happen when investors least expect it to. Image: Financial Times