These exhibits show where various asset classes lie along the efficient stock-bond frontier, a curve on which returns rise with volatility allowing us to compare the most efficient (highest return with least vol), and where a 60/40 portfolio lies, in 2021, 2020 and in 2008. The 2021 frontier is significantly lower than 2020 and considerably lower than 2008. We see EU and US real estate and global infrastructure raise returns without excessive vol.