Over the years we have studied shifting demographic trends here in the U.S. - noting that with each boom / bust cycle occurring in U.S. population, the country oftentimes experienced significant economic and cultural changes.

Within this historical framework, the equity markets have shown themselves to be a discounting mechanism or ‘leading indicator’ of such demographic shifts, and with the assistance of other macro drivers such as valuation, credit conditions/liquidity, and sentiment, have generated measurable secular market trends over the past 80+ years.

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