Volatility – VIX and Days Above 20 A prolonged VIX above 20 is typical of recessions. Patience is usually the key to successful investing. Image: Morgan Stanley Wealth Management

S&P 500 vs. Global Money Supply More global stimulus could be bullish for stocks, as global money supply growth tends to push U.S. equities higher. Image: Fidelity Investments

Average Change in 10-Year U.S. Yields by Months Since New Congress A unified government tends to lead to higher yields. Image: Deutsche Bank

Government Social Benefit Payments to Persons and 100% Commodities (Equally-Weighted Index) Should investors expect the start of a new supercycle in commodities? Image: Goldman Sachs Global Investment Research

Nasdaq Composite Index – 2009-2021 vs. 1988-2021 History suggests the tech bubble is not yet expected to pop. Image: Gavekal, Macrobond

U.S. 10-Year Note Yield – Reaction to Global Slowdowns Since 1960 Global slowdowns do not occur often. The U.S. 10-year Treasury note yield is currently following the average historical trend. Image: Arbor Research & Trading…

Breakdown of Equity Ownership U.S. households’ equity ownership remains high. Image: Financial Times

Market and U.S. Excess Personal Savings The market is likely driven by excess personal savings. Image: Morgan Stanley Wealth Management

Rising Rate Environments – S&P 500 Dividend Aristocrats vs. S&P 500 Index Rising rate environments tend to favor dividend aristocrats. Image: Morgan Stanley Wealth Management

Bear Market – MSCI IMI All-Cap Country Indexes Outside the United States, will the 20-year bear market come to an end? Image: Gavekal, Macrobond

VIX Daily Spike Above 40% and PMI Large daily moves in the VIX tend to be more frequent in recent years. Image: Morgan Stanley Research