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Euphoria vs. Panic (Citi Research 1987-2021)

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Highest Federal Tax Rates (Tax Policy Center 1954-2020)

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Spread Levels Near All Time Tight Levels (Barclays 1999-2020)

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Estate tax rates and exemptions (IRS 1954-2020)

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Spread Change Following Peak Recession or Stress Event, excluding 2008 (Bloomberg 1990-2020)

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Index Spreads Relative to Treasuries in bps (Bloomberg 2002-2020)

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EM External Debt No Longer Undervalued (Morgan Stanley 2006-2021)

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US Unemployment Rate (Morgan Stanley 1970-2020)

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US Savings Rate (Morgan Stanley 1960-2020)

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Rolling 5-Year Returns (Bloomberg 1970-2020)

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