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US Economy

Stay Positive!

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Problems and Solutions

US & Intl Economic Situation

2016 Presidential Race

Future Growth

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Rate Dilemma

“There are limits to what monetary policy can and, indeed, should, do. The burden must also fall on fiscal and other policies to do their part to help

create conditions conducive to economic stability.”

SF Fed President John Williams

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Productivity=Growth

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Solutions for growth

Free Trade=lower tariffs

Reg. Relief=reduced costs

Tax reform=capital formation w/incentives

Infrastructure=efficiency

Energy Production

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Trump Econ/Tax PlanCut Corp Tax to 15%

Limit Pass Thru 15%

1x 10% Repat Tax

Ag TPP and NAFTAImpose tariffs on imported goods

Big Drop in InterestDeductibility

New $500B infrastructure Full expensing!

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100 Day Energy & Reg Plan

Save coal industry, Pass Keystone, Lift moratorium for energy on Fed. lands

Cancel Paris Climate Agreement

Rescind and Reform: Obama executive actions,

Climate Action Plan, WOTUS, Obamacare,

Dodd-FrankDOL Fiduciary Rule

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Trump plans help/hurt

Help: big tech & big pharma

Hurt: debt heavy balance sheets

Help: industrials & manufacturers

Hurt: free trade

Help: energy production

Help: Transportation/Engineering

Help: banking, IAs

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The Good and the Bad

Source: Tax Foundation

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CLINTON PLAN

Fair share C tax

No Free Trade

Exit Tax

$275B Infrastructure plan

Extend/expand Obama regulation

programs

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Big Change to Cap Gains

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Fin Reg & Energy Plan

500mln solar panels by 2021Implement Clean Power Plan &

Paris Agreements$60B Clean energy challenge

Risk fee on the largest financial institutionsNo hedge fund investing

Hold senior bankers accountable for lossesNo financial firm is ever too big or too risky

HFT tax, close carried interest

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Clinton plans help/hurt

Hurt: MNCs competitiveness

Hurt: raises taxes on top earners/capital formation

Help: transportation/enginering

Help: energy/alternatives

Hurt: energy/hydrocarbon production

Hurt: banking, IAs

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Good, Bad and Complicated

Source: Tax Foundation

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2016 RecapClinton:

biz tax hikes build on regscap gains taxno free trade

big alternativesbig infra

create pathway implement DOL FR

Trump: biz tax cutsreduce regs

full expensingno free trade

big hydro carbon big infra

build a wallend DOL FR

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What is the hope?

Trump is a “businessman”

Clinton is a “compromiser”

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Major Investing Issues

Inside/outside competition

Rising costs due to regulations

Slow growth & low rates

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Policy solution summary

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Future Growth Solutions

AI, Big Data, Analytics

Fintech: disruptive vs. collaborative

Millenials: visual, social, digital

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Big Data, Analytics, AI

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Fintech

Block Chain isn’t just for Bitcoin

Robo advisors: Betterment & Wealthfront

Real estate crowdfunding: Peer Street, Real Crow, Realty Mogul

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Big challenge, big opportunity

Digital natives, distrust of big, community focused

Giving HOPE

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Final Thoughts…