uitive, but let's put some numbers on it. The inclination by families to rely on cash and bonds for positive real returns is based on history. Using Robert Shiller's data, we looked at the realized real returns on long-term bonds since 1871 [see chart on following page]. With the exception of bonds purchased rig

s worth highlighting that defaults over the past decade have been consistently and significantly lower than long-term averages. For property, using Robert Shiller's long-term data back to 1900, the asset class still appears expensive on a mean reversion basis. In nominal terms, our mean reversion suggests house