Bear markets are generally the result of one of the following five factors: recessions, commodity
disruptions, Federal Reserve policies, global geopolitical events and/or excessive valuations. At
the present time, valuations ore above historical norms while other conditions remain generally
benign. Whenever the next cyclical" bear marker"
熊市通常是以下五个因素之一的结果：萧条衰退、大宗商品波动、美联储(Fed)政策、全球地缘政治事件和(或)估值过高。目前，估值高于历史标准，而其他条件总体上保持良性。每当下一个周期性的“熊市”出现。
OCcurs.
the Endowment nts will likely decline in o
range between-16% and.36%, with a baseline
outcome of approximately.2
Over the posT
ree years
UTIMCO has token
less risk than 81% of other similor funds while
producing a three year return exceeding the pee
overage and a passive benchmark
