SPEU - Is Today's Bull Market Sustainable?

• Last year's pandemic crisis U-trip took just 128 days - significantly less than the long-term average, despite a once-in-a-generation healthcare crisis.
• While the recovery speed has varied, the global economy is clearly on the mend.
• We believe that the next phase of the reopening/recovery favors regions outside the U.S.
• Even though EPS growth in 2022 will naturally decelerate from post-reopening-boom 2021 levels, both U.S. and ex-U.S. earnings growth are expected to stay above their respective long-term averages.
• While valuations are no longer cheap, modest increases in equity prices are possible as earnings grow into current valuations.

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