LC Investment Playbook Monthly Update March 2023

Model Portfolios

• An overview of the LC Model Portfolios, their characteristics and performances

Market Updates

• US Inflation Attribution

• Bond Volatility Surges

• Fed Historically Cut Before Each Market Bottom

• US Equities: Fairly Priced But Earnings Look Weak

• The Equity Risk Premium Points To Complacency

• 65% Probability Of Recession in The US Over 1Y

• Commodities: Gloomy Picture

• US Mortgage Applications At Lowest Since 95

• European Real Estate At Decades Low‍

SpotLight

• Credit Suisse's Impact on AT1s

• European AT1 Bond Yields At Historical High

• European Banks: So Far, So Good

• US Banks: Under Stress‍

Technical Analysis

• Our technical analysis on Rotational Trends, Tech Stocks, Financials and China Revival