Valuation – Impact of Tesla Inclusion on S&P 500 FY2 P/E Ratio The impact of Tesla inclusion on the S&P 500 market cap-weighted P/E ratio is significant. Image: Goldman Sachs Global Investment Research

OECD Leading Indicator and Leading Stimulus Indicator (Oil and Rates) Changes in oil prices and yields could have an impact on the OECD leading indicator during the year 2022. Image: Nordea and Macrobond

FMS Investors – Early Cycle vs. Recession 70% of BofA FMS investors think the global economy is in an early-cycle phase. Image: BofA Global Fund Manager Survey

Valuation – Tesla Inclusion in the S&P 500 and S&P 500 FY2 P/E Ratio Chart showing the significant impact of Tesla inclusion on the S&P 500 FY2 P/E ratio. Image: Goldman Sachs Global Investment Research

MSCI World Index Around Bear Markets Since 1970 After the shortest, and one of the sharpest bear markets in history, the MSCI World is up 12% for the year. Image: Financial Times

S&P 500 Sectors (Tech, Consumer Dis., Financials and Energy), Increase in Market Value Are tech sector valuations a cause for concern? Image: Financial Times

Equity Performance and Real Trade Weighted US Dollar Index Non-U.S. equity markets tend to outperform when the U.S. dollar is weak. Image: Goldman Sachs Global Investment Research

Quantitative Easing (QE) – Total Assets of the Federal Reserve Are investors facing a reality of QE to infinity and beyond? Image: BofA Global Research

S&P 500 Ten-Year Returns and Valuation Should investors expect anemic S&P 500 returns over the next 10 years? Image: Credit Suisse

Cash – FMS Investors BofA FMS investors are underweight cash, suggesting an early-stage recovery as after the internet bubble and the Great Financial Crisis. Image: BofA Global Fund Manager Survey

Euro to U.S. Dollar (EUR/USD) and China’s Credit Cycle (Leading Indicator) China’s credit cycle tends to lead the EUR/USD by one year. Image: Alpine Macro