LC Investment Playbook Monthly Update May 2023

Spot Light

• Google “We Have No Moat, Neither Does Open AI"
• Artificial Intelligence a “Baby Bubble” For Now

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Market Updates

• US Stocks Remain in a Narrow Trading Range
• S&P 500 Equity Risk Premium At Decade Low
• Q1 2023 Earnings: The Good News Is In
• Equity Returns Could Be Flat For Next 10 Years
• Corporate Profits Are Likely to Mean-Revert
• Potential Correction for European Equities
• The Holds Still Have It
• Another Potential “Yield Curve Inversion”
• Current Conditions Augurs Poorly For HY
• Persistent Increase in US Budget Deficits
• Fed Expected To Decrease Rates By Year-End
• Turkey Slides Deeper Into Crisis

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