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

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SpotLight

• Credit Suisse's Impact on AT1s
• European AT1 Bond Yields At Historical High
• European Banks: So Far, So Good
• US Banks: Under Stress

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Technical Analysis

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

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