x 25x 20x lex —Average (Bonds and Equity) j 70% - 60% - 50% - / 40% - 30% 20% - 10% - 0% 1800 1825 1850 1875 1900 1925 1950 1975 2000 Sacco Deureehr as t Octal Few. , eM Marent•sp fancy IP 50x 45x 40x 10> u, 0 —US CAPE ratio (LEIS) UST 10Y Yield (RHS) 1800 1825 1850 I8"75 19°0 1925 1950 1