• Mid to long term asset returns expected to be below the long term averages
• Invest in innovative technologies that are and will continue to effect global industries in a positive way
• Growth expected to slow as debt levels rise and demographics play a role

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• We believe we are entering the late stages of both the financial market and economic cycle
• Bonds continue to confuse and confound investors – where is inflation?
• Non-correlated strategies lag traditional strategies even with a pick up in market volatility

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• As we’ve been anticipating for some time, market volatility is back;wheth er it was the inflation scare of the recent jobs report or something
  else, the VIX soared
• The market wide sell off in the first half of February was across both equity and bond markets, and we continue to advocate for the inclusion of less expensive, lower correlation diversifiers like liquid alternatives
• Correlations moved higher across most assets as fundamentals remained weak

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• Global Equity markets moved higher during January on high levels
  of economic and earnings optimism
• Bond markets began to sell-off with the yield on the US 10 yr
  Treasury benchmark rising well past 2.5%
• High asset valuations and fears of accelerated rate hikes by the Fed
  pushed yields and equity volatility higher

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• 2017: Risky assets soar, Bitcoin bubble, income gap widens, debt soars, wages stagnant, brick and mortar retail closures
• 2018: Consensus is bullish on growth and stocks, geopolitical uncertainty rises, volatility rises, debt soars, and inflation tame
• Watch for central bank missteps, policy errors, social unrest, and
  bumpier market

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• U.S. Equity markets surged during November on hopes of a new tax reform bill
• Overseas Asian markets outpaced Europe
• Changes at the Fed suggest little disruption in interest rate policies while Q3‐2017 growth was revised higher
• Innovations in technology continue to keep a lid on inflation and real wage growth

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• An attorney, not an economist is the new Fed Chair pick
• Why the labor market is now NOT a driver of higher inflation or growth
• Balancing portfolio risks and opportunities where there is a productive use of capital investment

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• Continued strong market returns with improved earnings and economic growth; sustainability remains a question
• Limited progress thus far on potential acceleration catalysts (health care, tax reform, and infrastructure)
• The world remains a dangerous place; the Fed remains committed to rate hikes – risks abound

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