Outlook for Portfolio Returns Over the Next 10 Years Chart suggesting anemic returns over the next 10 years, due to low yields, low growth and low inflation expectations. Image: Morgan Stanley Research

Crude Oil vs. Managed Money Short Positions Chart suggesting that oil could rise, when managed money short positions are so extreme. Image: Ned Davis Research, Stifel

Fed Funds Rate and Neutral Rate Chart suggesting that the Fed funds rate is below the neutral rate. Image: Stifel

S&P 500 Cyclicals Relative to Defensives Chart suggesting that S&P 500 cyclicals could outperform defensives in 2020, based on higher U.S. nominal GDP growth. Image: Stifel

Central Banks Balance Sheet Growth The unprecedented growth in central banks’ balance sheets is distorting financial markets. Image: BofA Merrill Lynch Global Research

Local Currency Returns and Return to Vol Ratios in YTD 2019 Chart showing what investors should have bought this year. Image: Goldman Sachs Global Investment Research

Forward P/E of S&P 500 Top and Bottom Valuation Quintiles The forward P/E of the top quintile of S&P 500 companies by valuation is 27 (avg: 20) vs. 11 (avg: 10) for the lowest quintile.…

Rallies in World Cyclicals vs. Defensives Since the global financial crisis, average rallies in world cyclicals vs. defensives have lasted only four months. Image: Goldman Sachs Global Investment Research

S&P 500 Index Return and Chinese Calendar Year The year of the Pig seems to be strong for U.S. equities this year. Image: Ryan Detrick, LPL Financial LLC

U.S. Small Business Sales Expectations and Nominal U.S. GDP Growth Chart showing the correlation between U.S. small business sales expectations and nominal U.S. GDP growth, and the impact of small businesses to the U.S. economy.…

U.S. Real GDP and Productivity The U.S. economy is slowing down and productivity falls by most since 2015. Is the drop in productivity temporary? Image: Oxford Economics