LC Investment Playbook Weekly Update - 14 October 2022

Macro Highlights

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

• US Financial Conditions - Extremely tight.

• US Unemployment- Not Increasing.

• US CPI- Not Abating.‍

Fixed Income Highlights

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

• US Treasury Real Rates- Sharp spike.

Equity Highlights

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

• Difficult Times For Semiconductors.

• Semiconductors Are Leading Forward EPS

Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.

• The Pound has Likely Capitulated.