Ukraine, Rise of Inflation, and Supply Shortages: 2022 - Present

Cumulative Real Return: 60/40     Peak Cumulative Value: 60/40     Cumulative Real Return: 100% Equity     Peak Cumulative Value:  100% Equity       Market Crash Episode: 100% Equity       Market Crash Episode: 60/40

Source: Kaplan et al. (2009); Ibbotson (2023); Morningstar Direct; Goetzmann, Ibbotson, and Peng (2000); Pierce (1982); www.econ.yale.edu/^shiller/data.htm, Ibbotson Associated SBBI US Large-Cap Stock Inflation Adjusted Total Return Extended Index, S&P 500 (2025), Bureau of Labor Statistics, Non-Seasonally Adjusted Consumer Price Index (2025). Data as of May 31, 2025.