mplications as demographics and debt are likely to constrain long-term global economic growth. The Challenge of High Valuations In 1998, professors Robert Shiller and John Campbell con- ceived the cyclically adjusted price-earnings (CAPE) ratio, which averages earnings over a 10-year period to minimize the impa

ion and averaged within each decile. Past performance is not indicative of future results. Source: Investment Strategy Group, Bloomberg, Datastream, Robert Shiller. Valuation Decile US Equities: Life in the Fast Lane US stocks have been driving in the fast lane since 2009. Over this nearly eight-year period,

vestment grade, euro high yield and emerging-market (EM) hard-currency debt may appeal. Sources: Thomson Reuters Datastream, Global Financial Data Robert Shiller, Goldman Sachs Global Investment Research. Data as of December 2015. Past performance is not indicative of future returns. Readers should refer to t

1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 Note: Real home prices & building costs are inflation-adjusted. Source: Robert Shiller, Yale University. Ce USA Inc. | Income Statement Drilldown 184 HOUSE_OVERSIGHT_020933 Banks & Other Mortgage Originators Helped Fuel Housing Bubble