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

‍ 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