125

40
35

120
30
115

25
20

110

15
105

Relative Value (+ive equals Equity cheap)

10

S&P (SPY)
100

5

Corporate Bond Spread Proxy (LQD - IEF beta/duration adjusted)

0
95
-5
90
Jan-10

-10
Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10