LC Investment Playbook Weekly Update - 13 January 2023

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.

• Global growth just 1.7% in 2023.

• Tight liquidity in US markets..

• US Labour market-Weakening but still strong..

• US Inflation- Path ahead ..

Fixed Income Highlights

• A review of US and EU long term rates and credit.

• Bond investing finally making sense.

• Yield Curve Inversion indicating recession.

• Decline in Yields already pricing a recession.

• China RE $Bonds rebounding amid supports

Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets.

• U.S. Equity: Still in Bear market.

• 2023 EPS estimates are overly optimistic.

• U.S. Equities: 2023 may not be that bad.

Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.

• Real Estate: More pain for private valuations.

• CNY Recovers after China reopening.