LOOK AHEADQ3 2021

Certain information in this presentation constitutes forward-looking statements. Due to various risks, uncertainties, and assumptions made in our analysis, actual events or results or actual performance of the markets covered by this presentation may differ materially from those described. The information herein reflects our current views only, is subject to change, and is not intended to be promissory or relied upon by the reader. There can be no certainty that events will turn out as presented. Data are from sources deemed to be reliable. No representation or warranties either expressed or implied are made as to the accuracy of the information presented. Past performance is not a guarantee of future results.

DISCLAIMER

1

We've added back 14.7 million jobswith an average of 1.1 million jobs added per month

13.2%

9.4%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Interest Payments as a % of Disposable Personal Income

+$716 billion

20.7%

14.8%

27.6%

14.5%

12.4%

12.0%

9.6%

9.2%

8.8%

8.6%

8.2%

7.9%

7.7%

January 2021

February 2021

March 2021

April 2021

May 2021

June 2021

July 2021

August 2021

September 2021

October 2021

November 2021

December 2021

January 2022

Potential Spend Down of Personal SavingsSavings rate as a % of disposable income

Potential Savings Spend Down$1.38 trillion (6.3% of GDP)

The Consumer is in Control

Data Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis

2

Hourly Wage Growth Pre-Pandemic vs. CurrentAverage Hourly Wage

Pre-Pandemic Current WageSector/Industry February 2020 May 2021 Growth %Durable Goods Manufacturing $10.42 $11.48 +10.17%Finance $14.24 $14.97 +5.13%Retail $7.80 $8.10 +3.85%Textile Mills $8.14 $8.44 +3.69%Nonmetallic Mineral Manufacturing $9.85 $10.19 +3.45%Leisure & Hospitality $6.53 $6.74 +3.22%Printing $9.32 $9.60 +3.00%Wood Products $8.44 $8.69 +2.96%Motor Vehicles & Parts $10.73 $11.02 +2.70%Professional & Business Services $13.30 $13.61 +2.33%

Overall $9.50 $9.74 +2.53%Taken alone, $2.3 trillion in stockpiled savings is 10.4% of GDP.

Assuming consumers continue to spend down their savings as the economy reopens, it is not far-fetched to see the personal savings rate return to pre-COVID levels by January 2022. Even at the tail-end of the pandemic, consumer debt to disposable income is still at multi-decade

lows.If consumers returned to prior peak levels of debt service, it could total $716 billion or 3.2% of GDP.

17.94%Pre-COVID Average (February 2000 to February 2020) 17.59%

Pre-COVID Level (February 2020) 18.81%

15%

20%

25%

30%

35%

40%

Feb2020

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2021

Feb Mar Apr May Jun Jul Aug Sep Oct

Government Transfer Payments % of Disposable Personal Income

A Bumpy Ride Back to Normal

Data Sources: Federal Reserve Bank of St. Louis, FileUnemployment.org, Morgan Stanley

3

Government transfer payments as a share of disposable income remain elevated but are declining.If the next few months follow a similar trajectory as Q2-Q3 2020, we could see this ratio decline back to

pre-COVID levels by October.

We are still 6.9 million jobs below pre-pandemic levels.We could see those jobs re-emerge over the coming eight

months.

Right now, with extra benefits the “get off the couch” wage is $19.35/hour. By removing the $300 per week in additional federal unemployment benefits, the “get off the couch” wage drops to $11.85/hour.

Implied Minimum Wage Including Extra Federal Unemployment Benefits

Implied Minimum Wage Excluding Extra Federal Unemployment Benefits

$474/weekAverage State Unemployment

Benefits

$300/weekFederal

Unemployment Benefits

$774/weekTotal

Unemployment Benefits

40hours per week

$19.35/hourImplied Minimum

Wage

$474/weekAverage State Unemployment

Benefits

$0/weekFederal

Unemployment Benefits

$474/weekTotal

Unemployment Benefits

40hours per week

$11.85/hourImplied Minimum

Wage

Continuing jobless claims in 10 states whereFederal unemployment benefits expire relative to the rest ofthe US

With 26 states cutting off extended unemployment

benefits early, a return to work will likely accelerate and

perhaps lessen wage inflation in the coming months.

$98.99$105.35 $111.45

$119.06 $118.82 $119.46$133.67

$161.63 $164.56

$144.96

$197.18

$222.13

50

100

150

200

$250

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E

S&P 500 Calendar Year Earnings per Share

−14.1%

−32.1%

−5.7%

+4.0%

−11.2%

+52.5%

+62.8%

+23.2%+17.7%

+35.2%

+8.4% +10.2% +12.9% +12.2% +12.7%

−40%

−20%

0%

+20%

+40%

+60%

+80%

Q1 Q2 Q3 Q4 Full-Year

S&P 500 Earnings Growth: 2020 − 2022

2020 2021 2022

Earnings Expectations – The Base Effect Continues

Data Sources: Bloomberg, FactSet

4

The base effect in corporate earnings likely won’t be felt until Q2 when we compare to Q2 2020 when we were at the depths of our full economic freeze.

Valuations on U.S. equites remain elevated. Current valuations run the risk of much higher volatility as events unfold in the coming quarter.

Investors should look at raw dollars and see if they are buying real dollar growth or simply base effect percentage growth.

Raw dollars for the S&P 500 are expected to return to growth compared to 2019 and 2020. In fact, full-year 2021 will be more than just a play on percentages but real earnings growth in absolute dollars.

On a forward basis, the S&P 500 is currently trading 20.2% above the 5-year average and 35.1% above the 10-year average P/E ratio.

22.3x

5-Yr Avg18.6x

10-Yr Avg16.5x

10x

12x

14x

16x

18x

20x

22x

24x

26x

'11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

S&P 500 Forward Price-to-Earnings (Next Twelve Months Estimates)

1.69%

1.44%

1.35%

1.40%

1.45%

1.50%

1.55%

1.60%

1.65%

1.70%

1.75%

March April May June

10-Year U.S. Treasury Yield

−14.9%

Higher Inflation – Lots of Noise, Not Enough Signal(Transitory Inflation)

Data Sources: Federal Reserve Bank of St. Louis, Moody's

5

Headline CPI for May was reported at a whopping 5%. But when breaking the components of the Consumer Price Index down further we can see the culprits driving inflation right now are areas that were hit the

hardest by the pandemic. This is the “Base Effect” at work.

Right now much of the inflation we are seeing is cost-push inflation, which is generally transitory, mostly driven by supply shocks (generally in oil but, post-pandemic it could be anything) which should

normalize over the next year.

So, what’s the proof that we are in a transitory cost-push inflation environment? Look at the 10-year treasury yield which has dropped as investors are grabbing yield while they can before a potential

softening of inflation is seen.

Admission tickets, airfare, hotels and rental cars accounted for about 25% of April’s CPI increase and 10%-15% of the rise in May.

What’s Ahead?Per analysis by Moody’s Analytics, baseline core PCE inflation is expected to settle around the Fed’s

2% target by late 2022. Moody’s expects CPI inflation to peak slightly higher but follow a similar timing.

Current

5.0%

Fed's Target

2.0%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

Consumer Price Index year-over-year

3.02%4.25%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

'71 '76 '81 '86 '91 '96 '01 '06 '11 '16 '21

Average 30-Year Fixed Mortgage Rate

6M 3Y 5Y 7Y 10Y 20Y 30Y0.00

0.50

1.00

1.50

2.00

2.50

Tenor

U.S. Treasury Yield CurveCurrent One Month Ago Three Months Ago

Fixed Income – The Year of Living Dangerously

Data Sources: Bloomberg, Federal Reserve Bank of St. Louis

6

It is still tough to find total return in Fixed Income, as shown by the steep year-to-date declines for longer-dated Treasury ETFs.

• Yield chasing will increase exposure to companies who may be at higher risk of default or downgrades by credit rating agencies.

• The least risky part of the yield curve currently looks to be in the 2-to-5-year range. This should press down on income returns and mitigate the risk reduction advantages fixed income can provide.

It’s clear the Fed wants to do their part to lift wages on the lower end of the income spectrum. However, they will need to balance the increase in long-term interest rates within the real

economy against an ongoing economic expansion.

We expect the Fed to manage the long-end of the yield curve through the purchase of additional longer-dated treasuries, pushing down interest rates.

This could occur when mortgage rates spike above 4.25%.

Hardest Hit Areas of Fixed Income Year-to-DateYield YTD

Ticker Name Price (%) TR (%)EDV Extended Duration Treasury Bonds 135.35 2.07 −11.13TLT 20+ Year Treasury Bonds 144.35 1.66 −8.48TLH 10-20 Year Treasury Bonds 146.95 1.51 −7.71BLV Long-Term Bonds 103.03 2.80 −5.74VCLT Long-Term Corporate Bonds 106.94 3.08 −3.72IEF 7-10 Year Treasury Bonds 115.49 0.82 −3.72EMB Emerging Markets Bonds 112.46 3.82 −2.98BIV Intermediate-Term Bonds 89.96 1.88 −2.77LQD Investment Grade Corporate Bonds 134.36 2.29 −2.73BND Total Bond Market 85.89 1.85 −2.55AGG Core U.S. Aggregate Bonds 115.33 1.74 −2.42

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

10-Year Treasury Yield 10-Year Breakeven Inflation

Federal Reserve & Fiscal Policy

Data Sources: Bloomberg, Goldman Sachs

7

While monetary policy adjustments add some headwinds going forward, fiscal support will continue to flow from Washington DC.

Taper talk of 2013 saw higher yields, lower equity prices

Consensus expectations are for the first hint about tapering to come in August or September, followed by details such as the pace in

November, and then a formal announcement at the December FOMC meeting that would begin the taper process in January.

Possible Timeline for Tapering

Congress is likely to approve at least 1% in GDP of spending, probably less than 2%

Developed Markets

26.3xUnited States

37.7x

5

10

15

20

25

30

35

40x

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Historical CAPE Ratio Developed Markets & United States

−28.6%

−38.9%

−19.2%

+14.4%

−19.1%

+53.1%

+70.0%

+19.3% +15.9%

+34.1%

−60%

−40%

−20%

0%

+20%

+40%

+60%

+80%

Q1 Q2 Q3 Q4 Full-Year

MSCI EAFE Earnings Growth: 2020 vs. 2021

2020

2021

Developed Markets

Data Sources: Bloomberg, Barclays

8

While a return to earnings growth is still anticipated in 2021, the pace of the recovery in Developed Markets is expected to lag Emerging economies while valuations remain elevated

on a relative basis.

With an average of 11% of GDP and 17% of employment tied to tourism, an economic recovery in the Developed Markets is highly dependent on the timing of reopening.

Economic activity could remain subdued heading into Q3, with the pace of reopening and the loosening of mobility restrictions across Western Europe as key factors.

1.8%2.5% 2.4%

1.7%

−3.7%

8.1%

5.9%

3.5%

−6%

−4%

−2%

0%

2%

4%

6%

8%

10%

2016 2017 2018 2019 2020 2021 2022 2023

EAFE GDP Growth

Actual Historical

Consensus Expectation

2.2% 2.6%1.3%

0.6%

−3.6%

5.1%6.0%

3.3%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2016 2017 2018 2019 2020 2021 2022 2023

Germany GDP GrowthActual Historical

Consensus Expectation

1.7% 1.8% 1.2% 1.5%

−4.8%

8.9%

4.6%

3.5%

−8%

−4%

0%

4%

8%

12%

2016 2017 2018 2019 2020 2021 2022 2023

United Kingdom GDP Growth

Actual Historical

Consensus Expectation

Developed Markets are currently trading at a 30% discount to the U.S., with 2021 EPS expected to grow 1.1% below the U.S. growth rate.

United States

37.7x

Emerging Markets

22.9x

5

10

15

20

25

30

35

40x

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Historical CAPE Ratio Emerging Markets & United States

Emerging Markets

Data Sources: Bloomberg, Barclays

9

From an earnings growth and valuation perspective, Emerging Markets remain the favorite within the broad spectrum of equity investing.

We anticipate a sharp recovery in annual growth rates, driven by further easing of COVID lockdowns combined with the support provided by fiscal and monetary policy.

With Emerging Market valuations trading at a 39% discount to the U.S. and 2021 EPS expected to grow at 17.9% above the U.S. EPS growth rate, Emerging Markets present a

clear opportunity.

6.8% 6.9% 6.7%6.0%

2.0%

8.8%

5.7% 5.4%

2%

4%

6%

8%

10%

2016 2017 2018 2019 2020 2021 2022 2023

China GDP GrowthActual Historical

Consensus Expectation

8.0% 8.3%

6.8%

6.5%

4.0%

7.5%

10.4%

6.0%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

2016 2017 2018 2019 2020 2021 2022 2023

India GDP Growth

Actual Historical

Consensus Expectation

4.2%4.9% 4.9%

4.0%

0.8%

13.6%

8.6%7.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

2016 2017 2018 2019 2020 2021 2022 2023

Emerging Markets GDP Growth

Actual Historical

Consensus Expectation

−50.4%

−35.4%

−4.3%

+41.5%

−16.6%

+131.1%

+80.2%

+35.7%

+14.3%

+53.1%

−60%

−40%

−20%

0%

+20%

+40%

+60%

+80%

+100%

+120%

+140%

Q1 Q2 Q3 Q4 Full-Year

MSCI Emerging Markets Earnings Growth: 2020 vs. 2021

2020

2021

China – A Bumpy Ride Back to Normal

Data Sources: Bloomberg, CICC

10

China has achieved a post-pandemic recovery in most areas, including manufacturing and fixed asset investment (capital spending).

A couple of major laggards in the recovery have been the services sector and small/medium-sized business.

Consumption expenditures on most items have not returned-to pre-pandemic levels

Year-over-year growth rates of overall goods consumption for small/medium sized enterprises have not returned to pre-pandemic levels

The People’s Bank of China has indicated they will be cautious about adding additional stimulus into the economy but remain supportive.

−28.8%

−9.3%

+6.0%+9.0%

−6.1%

+37.5%

+17.4%+11.3% +10.7%

+32.1%

−35%

−25%

−15%

−5%

+5%

+15%

+25%

+35%

+45%

Q1 Q2 Q3 Q4 Full-Year

Yet earnings growth expectations for China remain amongst the best globallyMSCI China A Earnings Growth: 2020 vs. 2021

2020

2021

52.00

Pre-Pandemic Level

40

42

44

46

48

50

52

54

56

58

60

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May

China ISM Manufacturing Index

−24.5%

−16.1%

−10.3%

−6.3%−3.1%

−1.6%−0.3%

0.8% 1.8% 2.6% 2.9%

35.0%

25.6%

19.9%

15.4%

−30%

−20%

−10%

0%

10%

20%

30%

40%

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

China Fixed Asset Investment Growth (YoY%)

4,800

5,000

5,200

5,400

5,600

5,800

6,000

January February March April May June

“Return to Normal” sentiment has led market participants to take profits this year, leading to muted returns for Chinese equitiesCSI 300 Index Year-to-Date

−10.05%

-60%

-50%

-40%

-30%

-20%

-10%

0%

3/00 6/00 9/00 12/00 3/01 6/01 9/01 12/01 3/02 6/02 9/02

Dot Com Bubble Drawdown

Max Drawdown:-49.15%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10/07 12/07 2/08 4/08 6/08 8/08 10/08 12/08 2/09

Great Financial Crisis Drawdown

Max Drawdown:-56.70%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

2/19 2/24 2/29 3/5 3/10 3/15 3/20

COVID-19 Drawdown

Max Drawdown:-33.92%

Appendix – Always Prepare for Pain

Data Sources: Morgan Housel, Bloomberg

11

As the economy is muddling through a reopening, fits and starts to supply and demand should be the only expectation.

Unfortunately, it is in our nature to consider things that are volatile as risky and painful. In the real-world volatility is risk, risk is pain, and avoiding pain

is essential to sustain life.

However, volatility is the necessary ingredient to investing. Our friend Morgan Housel, author of Psychology of Money, helps us think about

volatility and pain in this short video: Click on this link to watch.

In fact, when you think about the largest drawdowns on the S&P 500 on major life events, it looks incredibly painful

Investing is a world of volatility. You can see from the table below the market has spent approximately 6 times as many days “10% or more below” its previous all-time high than it has at a “new all-time-high”.

Normal drawdowns in equity investing look something like this:

Type of Decline Average Frequency Average Length

−5% or more About 3 times a year 47 days

−10% or more About once a year 115 days

−15% or more About once every 2 years 216 days

−20% or more About once every 3 ½ years 338 days

Here’s the good news: It generally gets better. Let’s go back to the drawdown charts for those painful events. Now, look at the recoveries before experiencing the next drawdown.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

10-02 4-03 10-03 4-04 10-04 4-05 10-05 4-06 10-06 4-07

Dot Com Bubble Recovery

Recovery Back to Peak:97.00%

0%

20%

40%

60%

80%

100%

120%

140%

3-09 9-09 3-10 9-10 3-11 9-11 3-12 9-12 3-13

Great Financial Crisis Recovery

Recovery Back to Peak:131.01%

0%

10%

20%

30%

40%

50%

60%

3-20 4-20 5-20 6-20 7-20

COVID-19 Recovery

Recovery Back to Peak:51.51%

While painful, market and economic gyrations are necessary to create the environment for returns.As Morgan points out in the video here, there is a

“cost to investing…a price for admission to investing.” Pain might be that price.

Link to Morgan Housel on Risk: https://youtu.be/dwvyM7kkD6g

Our View

• Much of the recovery in corporate earnings are priced into U.S. equities

• The Federal Reserve continues to institutionalize lower rates as a way to lift lower income Americans’ wages, including racial minorities.

• Emerging Markets present the most attractive valuations

• President Biden will focus on infrastructure and reorganizing tax policy

• Possible start to a secular bull market in base metals

Our View & RecommendationsRecommendations

• The U.S. economy should experience a recovery in the Service sector as vaccine rates increase and Covid abates

• Corporate earnings growth rates will put a floor under equity prices as the U.S. weens itself off COVID-related support

• Fiscal support should provide a leg up as the Federal Reserve’s discussion on tapering bond purchases continues. Expect a taper in late Q3 or early Q4

• The U.S. Consumer will continue to spend down precautionary savings as the jobs picture rapidly improves

• Maintain policy weightings to U.S. equities with a balancing of U.S. Large Cap Growth and Quality/Value

• Continue to actively manage fixed income, as yield chasers increase, defaults across the credit markets will have greater impact

• Overweight Emerging Markets as a best global price to growth opportunity

• Specific overweight to China domestic equities

• Consider some exposure to industrial commodities as a weak dollar and recovering global economies will push prices and profits higher

Strategy Update

• Review our latest installment with award-winning financial author Morgan Housel on volatility and investing

12

Mean Reversion Dashboard

13

Data Sources: Bloomberg

Style Forward P/E as a % of 20-Year Average

Regions & Countries Forward P/E as a % of 20-Year Average

Sector Forward P/E as a % of 20-Year Average

StyleValue Blend Growth

Larg

e

122.3% 136.7% 167.4%

Mid 118.6% 134.5% 186.9%

Size

Small 119.2% 134.0% 153.7%

Regions Countries

World Developed Markets

Emerging Markets United States Germany United Kingdom China Brazil India Russia

127.7% 111.1% 95.9% 145.6% 101.1% 87.0% 109.9% 63.2% 148.5% 47.3%

Sectors

Energy Materials Industrials Consumer Discretionary

Consumer Staples Health Care Financials Technology Telecom Utilities Real Estate

84.0% 90.3% 117.5% 152.0% 103.1% 85.8% 71.5% 133.2% 108.8% 90.1% 254.2%

Economic Dashboard

14

Data Sources: Bloomberg

U.S. GDP Growth (YoY %)

Latest Level 0.40

Change from Prior Quarter 2.80

Latest Direction Expanding

Frequency Quarterly

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

20212020201920182017201620152014201320122011

U.S. Inflation (YoY %)

Latest Level 5.00

Change from Prior Month 0.80

Latest Direction Rising

Frequency Monthly

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Retail Sales (YoY %)

Latest Level 28.10

Change from Prior Month -25.30

Latest Direction Decreasing

Frequency Monthly

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

U.S. Treasury Spread (10 Yr vs. 2 Yr)

Latest Level (basis points) 119

Change from Prior Month -26

Latest Direction Flattening

Frequency Monthly

-50

0

50

100

150

200

250

300 bps

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

S&P 500 Forward P/E Ratio

Latest Level 22.3x

Change from Prior Month 1.35%

Latest Direction Increasing

Frequency Monthly

5

10

15

20

25

30x

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Case-Shiller Home Prices (YoY %)

Latest Level 14.58%

Change from Prior Month 1.58%

Latest Direction Increasing

Frequency Monthly

-10

-5

0

5

10

15

20%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Consumer Credit (YoY %) REVOLVINGNON-

REVOLVING

Latest Levels −5.5% +4.9%

Change from Prior Month −0.2% +0.6%

Latest Direction Decreasing Increasing

Frequency Monthly

−20

−15

−10

−5

0

5

10

15

20%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Revolving

Non-Revolving

U.S. Unemployment (YoY %)

Latest Level 5.90

Change from Prior Month 0.10

Latest Direction Rising

Frequency Monthly

0%

2%

4%

6%

8%

10%

12%

14%

16%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

tphillips@phillipsandco.comwww.phillipsandco.comtphillips@phillipsandco.comwww.phillipsandco.com

THANK YOU

Data SourcesSlide 2 The Consumer is in Control

https://www.bls.gov/news.release/empsit.nr0.htmhttps://fred.stlouisfed.org/series/PSAVERThttps://fred.stlouisfed.org/graph/?g=Dho7

Slide 3 A Bumpy Ride Back to Normalhttps://fred.stlouisfed.org/graph/?g=FaKhhttps://fileunemployment.org/dataview/https://www.morganstanley.com/what-we-do/research

Slide 4 Earnings Expectations − The Base Effect Continueshttps://www.bloomberg.com/quote/SPX:INDhttps://insight.factset.com/

Slide 5 Higher Inflation − Lots of Noise, Not Enough Signalhttps://fred.stlouisfed.org/graph/?g=EFWYhttps://www.economy.com/

Slide 6 Fixed Income − The Year of Living DangerouslyBloomberghttps://fred.stlouisfed.org/graph/?g=FaLJ

Slide 7 Federal Reserve & Fiscal PolicyBloomberghttps://research.gs.com/

Slide 8 Developed MarketsBloomberghttps://indices.barclays/IM/21/en/indices/static/shiller.app

Slide 9 Emerging MarketsBloomberghttps://indices.barclays/IM/21/en/indices/static/shiller.app

Slide 10 China − A Bumpy Ride Back to NormalBloomberghttps://research.cicc.com/

Slide 11 Appendix − Always Prepare for Painhttps://www.collaborativefund.com/blog/Bloomberg

Slide 13 Mean Reversion DashboardBloomberg

Slide 14 Economic DashboardBloomberg