Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — About Bears and Recessions: The same rules that apply to bear sightings may also apply to recessions: Don't run, don't panic, and stand your ground.
  
• Global Market View — The Changing Paradigm for Corporate Earnings: Investor attention is now turning to earnings as the third leg of the fundamental stool for Equities as they attempt to gauge the key support levels.
  
• Thought of the Week — Bear Market History as a Guide: As we work through the market bottoming process, our highest conviction is to stay both disciplined and diversified.​