This slide shows that over the past 50 years, there have been different regimes of U.S. vs. international outperformance. In other words, outperformance comes in waves. After a long period of U.S. outperformance, it is worth considering whether we may be transitioning to a new wave. Indeed, the stars do seem to be aligning for international to take the baton from the U.S. over the next decade, including: cheaper equity valuations, cheaper currencies and a combination of cyclical and structural investment themes than can help boost long-term returns. The regime changes are determined when cumulative outperformance peaks and is not reached again in the subsequent 12-month period.