Small Caps: Russell 2000 vs. MSCI USA Select Strong Balance Sheet Index Chart suggesting that it makes sense to avoid balance sheet risk in U.S. small caps. Image: Societe Generale Cross Asset Research

Earnings vs. Valuation Chart suggesting that changes in the P/E tend to mirror changes in earnings. Image: Fidelity Investments

U.S. Real GDP Leading Indicator The U.S. real GDP leading indicator suggests an improvement in the second half of 2020 (R² = 0.74). Image: KKR Global Macro

World Epidemics and Global Stock Market Performance Chart showing that the impact of past world pandemics has not been significant on the global stock market. Image: Charles Schwab

U.S. National Housing Expansion Length The current recovery in housing is in its 9th year. How long will it last? Image: John Burns Real Estate Consulting

Commercial and Industrial Loans of U.S. Banks as % of GDP vs. Deliquency Rate Is the end of the U.S. credit cycle near? The delinquency rate remains low, while U.S. business loans are close to…

S&P 500 Realized Volatility and U.S. Real GDP Growth Chart suggesting the correlation between the S&P 500 realized volatility and U.S. real GDP growth. Image: Goldman Sachs Global Investment Research

U.S. Asset Correlations and Fed Balance Sheet Trends The correlations between U.S. asset returns and Fed balance sheet growth are generally inconsistent and dimishing over time. Image: J.P. Morgan

BofA’s Fund Manager Survey Investors and S&P 500 FMS investors expect the S&P 500 to peak at 3,400. Image: BofA Global Fund Manager Survey

S&P 500 Buybacks Relative to Index Market Capitalization A recovery in corporate earnings could lead to a rebound in buybacks this year. Image: Gavekal, Macrobond

U.S. AAII Sentiment Survey and S&P 500 This chart shows that market sentiment is important to contrarian investors. Image: Pictet Asset Management