Roadmap for the Economy and Financial Markets in the Coming Years

An Era of Higher Volatility and Lower Returns Lies Ahead

Overview

To best understand the outlook for the economy and the financial markets in the years ahead, we highlight forces that have driven the economy and financial markets to their current state. This is not a near term forecast, but an analysis of the current state of the economy and financial markets and the longer term drivers for each. It is an assessment of the likelihood and magnitude of changes in the years ahead in light of the perceived economic and/or financial imbalances identified in this paper. To stay up to date with our near term forecasts, analysis and investment strategy, visit www.Liniam.com for our Weekly Strategy Report and Interim Updates.

For more information, contact Keith Hembre at khembre@liniam.com