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[caption id="attachment_3626" align="alignnone" width="1261"] The table above has been updated to reflect market moves through mid-January, rather than showing the December 31 index...

While valuation is not a timing signal or an effective indicator of short-term performance, over longer periods it is absolutely the most important...

A rebound in prices during October was relatively widespread in investment markets around the world, which has the effect of reducing future expected...

All other things being equal, lower prices lead to higher future expected returns. That is clearly reflected below in the relative movements since...