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1 Chapter 1FIGURE 1.1 36-month rolling alpha of the HFRI Fund of Funds Composite Index...FIGURE 1.2 Net asset flows into hedge fundsFIGURE 1.3 Percentage of US equity funds that beat the S&P 500 (five-year av...FIGURE 1.4 S&P 500 dispersion of the top and bottom decile from 1986 to June...

2 Chapter 2FIGURE 2.1 Global central bank assets—US Fed, Bank of Japan, and European Ce...FIGURE 2.2 US Federal Funds rate (1998 to November 2019)FIGURE 2.3 Federal Reserve assets and the S&P 500 Index (2001 to November 20...FIGURE 2.4 S&P 500 utilities sector trailing 12-month P/E ratio (2009 to Nov...FIGURE 2.5 S&P 500 utilities sector dividends paid per share and free cash f...FIGURE 2.6 S&P 500 consumer staples sector trailing 12-month P/E ratio (2009...FIGURE 2.7 S&P 500 net income margin (1990 to November 2019)FIGURE 2.8 S&P 500 price-to-sales ratio (1990 to November 2019)FIGURE 2.9 30-year average US fixed mortgage rate (1997 to November 2019)FIGURE 2.10 US outstanding credit card debt (1997 to October 2019)FIGURE 2.11 S&P 500 Consumer Discretionary Sector Price Index (2009 to Octob...FIGURE 2.12 University of Michigan Consumer Sentiment Index (1994 to October...

3 Chapter 3FIGURE 3.1 Innovation adoption: Number of years to 25% US population adoptio...FIGURE 3.2 Pace of innovation in business cycle termsFIGURE 3.3 Economic cycles and mean reversionFIGURE 3.4 US venture capital invested by deal flow (billions of $US)FIGURE 3.5 US share of global venture capitalFIGURE 3.6 Average time being held privately of venture capital backed compa...FIGURE 3.7 US venture capital invested in unicorns (billions $US)FIGURE 3.8 Initial public offerings (IPOs)FIGURE 3.9 US corporate venture capital raised (billions $US)FIGURE 3.10 Private equity dry powder (billions $US)

4 Chapter 4FIGURE 4.1 Percentage of overall equity investments in passive vehicles 2009...FIGURE 4.2 Percentage of US equities in which Vanguard owns more than 5% of ...FIGURE 4.3 Percentage of passive investments in Japanese equity accounts (Bo...FIGURE 4.4 20-year annualized returns by asset class 1998 to 2018

5 Chapter 5FIGURE 5.1 Percentage of US federal debt to GDP 2000 to Q2 2019FIGURE 5.2 Life span of a company in the S&P 500 1960 to projected 2030, rol...FIGURE 5.3 Probability of going to college by parent income rankFIGURE 5.4 Probability that children are better off than parentsFIGURE 5.5 IMF world exports: Value of goods in billions of US$ 1970 to 2018...FIGURE 5.6 US Volatility Index (VIX) 1990 to October 2019

6 Chapter 6FIGURE 6.1 Five-year average rolling excess returns by decile 1998 to 2018; ...FIGURE 6.2 Five-year 1,000 bps excess return performance scenario

7 Chapter 8FIGURE 8.1 US Oil Services index 1997 to October 2019FIGURE 8.2 Management and company size

8 Chapter 9FIGURE 9.1 Predictive power of valuation over time 1987 to June 2019FIGURE 9.2 Nike three-year return on equity 2010 to October 2019FIGURE 9.3 Nike owner's cash flow yield analysisFIGURE 9.4 Equity risk premium and ten-year Treasury 2000 to October 2019FIGURE 9.5 Nike equity price and price target channel 2008 to October 2019FIGURE 9.6 Nike equity price and price target channel plus EV/EBITDA multipl...

9 Chapter 10FIGURE 10.1 Number of M&A transactions and number of US publicly listed comp...FIGURE 10.2 S&P 500 trailing 12-month net stock buyback activity 1998 to Oct...

10 Chapter 11FIGURE 11.1 Concentration, risk, and alpha analysisFIGURE 11.2 Diversification, alpha, volatility, and win/loss relationshipsFIGURE 11.3 Exposure limit structureFIGURE 11.4 Historic volatility of S&P 500, Johnson & Johnson, Goldm...FIGURE 11.5 Portfolio net asset value structure

11 Chapter 12FIGURE 12.1 Russell 3000 drawdowns by month 2009 to October 2019FIGURE 12.2 Long 3% NAV monthly rebalance as stock drops and then recovers e...FIGURE 12.3 Short 3% NAV adding exposure on the way up exampleFIGURE 12.4 Short 3% NAV monthly rebalance as stock drops and then recovers ...FIGURE 12.5 Abercrombie & Fitch (ANF) short example 2009 to Q3 2019FIGURE 12.6 Russell 3000 price/sales multiples by decile