I got the same note, and immediately concluded it was more meaningless babble to churn accounts.
One look at the first graph shows two main points.
1. It’s a lousy ten year period.
2. 1994-1995 on the chart shows the exact opposite of their conclusion. In fact, 1994-1995 shows the housing market index collapsing 50% to be followed by the S&P rising 50%. They forecast the same collapse in 2006 with big ? mark to ask what’ll happen.
