Whether gold-bug, permabull, or deflationst; BofAML provides a little something for everyone in the most complete picture guide to 'financial markets since 1800'. A collection of almost 100 charts on asset price returns, correlations, volatility, valuations and many other market and macro factors for the US, UK, Europe, Japan, and Emerging Markets.

“History does not repeat itself but it does rhyme.”

-Mark Twain

The Long-run in numbers:

1.45%: the yield of US 10 year Treasuries on June 1, 2012; a 220-year low

the yield of US 10 year Treasuries on June 1, 2012; a 220-year low 1958: the last time US AAA corporate bond yields were as low as they are today

the last time US AAA corporate bond yields were as low as they are today 1517: Dutch government bond yields currently at lowest level in almost 500 years

Dutch government bond yields currently at lowest level in almost 500 years 320bps: the current spread between European dividend yields and German bund yields, an all-time high

the current spread between European dividend yields and German bund yields, an all-time high 63x: the amount EM equities are up since the late 1960s

the amount EM equities are up since the late 1960s $1900/oz: record high gold price reached in September 2011

record high gold price reached in September 2011 43%: the drop in US real home prices since the 2006 peak, making the current US real estate bear market the greatest since 1921

the drop in US real home prices since the 2006 peak, making the current US real estate bear market the greatest since 1921 8%: Japan’s share of global equity market cap; close to an all-time low and down from 44% in 1988

Japan’s share of global equity market cap; close to an all-time low and down from 44% in 1988 $3,642,000: What $1 invested in US large company stocks in 1824 would be worth today with dividends reinvested

What $1 invested in US large company stocks in 1824 would be worth today with dividends reinvested 1 out of 2: the number of years since 1871 that the S&P 500 has had a negative real price return

the number of years since 1871 that the S&P 500 has had a negative real price return 44%: the share of US Treasuries owned by foreigners; up from just 1% in 1945

the share of US Treasuries owned by foreigners; up from just 1% in 1945 280mn: the number of people India’s working age population will grow by over the next 25 years; this is more than the current working age population in the US and Germany combined

The Long-run in years:

1602: the Dutch East India Company becomes the first company to issue stocks and bonds

on the Amsterdam Stock Exchange

the Dutch East India Company becomes the first company to issue stocks and bonds on the Amsterdam Stock Exchange 1685: Germany establishes the second stock exchange in the world

Germany establishes the second stock exchange in the world 1790: an $80 million U.S. Government bond offering to refinance Revolutionary War debt

becomes the first publicly traded security in the US

an $80 million U.S. Government bond offering to refinance Revolutionary War debt becomes the first publicly traded security in the US 1792: the NYSE is organized and the Bank of New York becomes the first company listed

the NYSE is organized and the Bank of New York becomes the first company listed 1810: Russia is the first “emerging market” country to establish a stock market

Russia is the first “emerging market” country to establish a stock market 1879: US stocks record their best year ever, returning 57%

US stocks record their best year ever, returning 57% 1891: the first US equity bear market (>20% loss) is caused by the “Baring Brothers Crisis”

the first US equity bear market (>20% loss) is caused by the “Baring Brothers Crisis” 1918: US Inflation hits an all-time high of 20.4%

US Inflation hits an all-time high of 20.4% 1931: US stocks record their worst year ever, declining 43%

US stocks record their worst year ever, declining 43% 1932: the most volatile year ever for US stocks as volatility hits 68%

the most volatile year ever for US stocks as volatility hits 68% 1981: monthly US 10 year Treasury yields hit an all-time high of 15.8%

monthly US 10 year Treasury yields hit an all-time high of 15.8% 1982: the best year of total return for long-term Treasuries of 40%

the best year of total return for long-term Treasuries of 40% 1987: on “Black Monday,” October 19th, the Dow falls 23%, the largest daily drop ever

on “Black Monday,” October 19th, the Dow falls 23%, the largest daily drop ever 2009: the worst year for long-term Treasury returns with losses of 15%

the worst year for long-term Treasury returns with losses of 15% 2012: a year marked by multi-century lows in many DM government bond yields (including

the Netherlands, France, US)

For your Independence Day enjoyment:

BofAML The Longest Picture

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