Some great charts in here for stocks and bonds:
A Noble Lie
"Finally, it's because the level of predictability is fairly low for the stock market. The cyclically adjusted price/earnings ratio, or Shiller P/E, one of the best valuation signals, will give you only a ballpark range of returns over the next five to 10 years. Exhibit 1 shows a scatter plot of 10-year forward real returns for the S&P 500 versus its starting cyclically adjusted earnings yield (the inverse of Shiller P/E), using data from 1926 to 2013. As you can see, the relationship is very noisy. The signal becomes more useful at the extremes, suggesting you should aggressively alter your stock allocation only on rare occasions.
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A Noble Lie
"Finally, it's because the level of predictability is fairly low for the stock market. The cyclically adjusted price/earnings ratio, or Shiller P/E, one of the best valuation signals, will give you only a ballpark range of returns over the next five to 10 years. Exhibit 1 shows a scatter plot of 10-year forward real returns for the S&P 500 versus its starting cyclically adjusted earnings yield (the inverse of Shiller P/E), using data from 1926 to 2013. As you can see, the relationship is very noisy. The signal becomes more useful at the extremes, suggesting you should aggressively alter your stock allocation only on rare occasions.