Private Wealth

Weekly Research Briefing: Peak Time

July 26, 2022

Peak earnings. Peak prices. Peak interest rates. Peak summer temperatures. Peak Elon?

The market continues to digest the paddle balls of earnings releases flying over the net. Some good, some bad but most with incredible spin due to the crosscurrents of a COVID recovery, a strong U.S. dollar and the many inflationary headwinds. This is not a normal environment for many, as Walmart can attest based on Monday's press release in which the company announced a hit to earnings due to markdowns on all general merchandise goods. Merchandise arrived late to stores and didn't find its way into customers’ baskets because, well, they didn't need winter clothing for Texas in July or because they are instead spending more on groceries and consumables due to current inflation. While many companies have been cautious and future earnings estimates have been reduced, stock prices have held their own, probably because they were down significantly going into this reporting season. There are still plenty of earnings to work through, with about one-third of the S&P 500 reporting this week.

Don’t forget that it is FOMC meeting week with a rate hike announcement and midday presser on Wednesday. All hands are on deck for this one, with the market placing its chips on a 75-basis-point hike in the Fed Funds rate. For commentary, we will be weighing what the Fed foresees in inflation versus what it foresees with the current economic slowing. Right now, bad economic news is still good for stock prices as it could cause the Fed to reel the bullishness. But we will have plenty of Fed speak and type to digest after Wednesday to size up the September FOMC. In the meantime, Treasury yields continue to reel in, suggesting that the bond market recognizes the weaker economy and cooling inflation data. Energy prices remain a wild card. While oil and gasoline prices have moderated, natural gas is still on fire due to global demand.

Plenty to chew on this week. Hopefully I included something that will get your attention below. Enjoy the busy week!

Earnings misses have been met with shrugged shoulders...

So far this reporting season, shares of companies in the S&P 500 that have missed Wall Street’s earnings expectations have slipped 0.1% on average in the two days before their report through the two days after, according to FactSet. That compares with the five-year average of a 2.4% decline.

With inflation at a four-decade high and the Federal Reserve in the midst of an aggressive campaign to raise interest rates to rein in rising prices, many investors say they had braced for a messy quarter. Companies across industries have pointed to higher input costs and waning consumer demand.

“It just hasn’t been the train wreck that I think investors were predicting,” said Sandy Villere, portfolio manager at Villere & Co. “Sentiment was pretty negative going into earnings.”


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American Express showed few signs of weakness as it benefitted from the COVID bounce...

American Express Co. said spending among its cardholders continued to strengthen in the recently ended quarter, despite concerns over rising prices and fears of a recession.

The credit-card company said second-quarter revenue rose 31% as cardholder spending on travel and entertainment topped prepandemic levels in April and has continued to improve.

“Travel and entertainment spending just exploded this quarter with all the pent-up demand,” American Express Finance Chief Jeff Campbell said, adding that spending on goods and services didn’t show any signs of slowing.

Spending on airlines surged 148% in the quarter, Mr. Campbell said, while spending on restaurants and lodging rose 48% and 90%, respectively. Spending on goods and services, which makes up the majority of the company’s volume, rose 18%.


These other financials also had solidly positive things to say about the economy and customer credit quality...

“...behavior and trends from our consumer loan portfolio currently do not suggest that a downturn is imminent. Our credit metrics remain strong and sales are robust, even as our customers maintain high payment rates. Similarly, most labor market measures indicate employment conditions remain broadly supportive of consumer financial health and credit performance.” – Discover Financial Services CEO Roger Hochschild

“Look, credit is really strong right now, we’re not seeing any – what I would call cracks and what’s happening with regard to credit, spending time with clients over the last few months. I think most of them would say things very good – But in the back of their mind, they’re reading the news, just like you are and we are and so they’re worried about something coming down the pike. And I think they’re starting to act a little bit on some of those concerns. But right now, when you ask them how their business is, their business is really strong." - First Financial Bancorp CEO Archie Brown

“Everyone is watching, but you haven’t really seen a change in delinquencies, like card delinquencies are lower than they were in 2019. There’s a little uptick in subprime, auto delinquencies, but the consumer is strong and it starts with their working and then add to it, those that are homeowners have a bunch of equity in their home, plus 20%, 25%, 30% versus a couple of years ago, it’s untapped.” – Equifax CEO Mark Begor

The Transcript

Hamilton Lane’s 2022 Private Markets Dashboard

The Private Markets Dashboard captures the opinions and expectations of a broad group of investors and offers insight into where the global investment community believes the markets are headed, and how they’re thinking about their portfolios.

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The largest credit card companies have all experienced falling charge-off rates, which is a very positive sign...

Heading into the year, US consumers had amassed $2.5 trillion in excess savings, which they’ve used to continue to pay down debt and keep up with their bills. Net charge-off rates at the country’s five largest credit-card lenders dropped to an average of 1.9% in the second quarter from 2.6% a year ago.

“I’m struck by, though, the strong starting point for consumers as we look into the potential headwinds of inflation and more economic trouble,” Capital One Financial Corp. Chief Executive Officer Richard Fairbank said on a conference call with analysts. “I would contrast this, of course, to the Great Recession or the Great Financial Crisis, where the consumer was in a much weaker position going into that.”


In one note of caution, AT&T says that its customers (think wireless) are stretching out their payments...

"Customers are stretching out their payments a bit. We expect they will continue to pay their bills, but they're taking longer to do it. That's not atypical in an economic cycle -- And maybe the bottom end of the subscriber base making decision between ,' am I paying this bill this month or that bill this month' given the pressures at home -- we're seeing some longer collection cycles and inflationary costs that we've not been successful in fully offsetting." - AT&T CEO John Stankey

The Transcript

And over at Ally Financial, late payers on auto loans are also building...

@carlquintanilla: MORGAN STANLEY: “Auto Credit Pressure Building? .. Yesterday morning, Ally reported an EPS miss on reserve build. .. we’d watch auto credit carefully…” [Jonas] $F $TSLA $GM

Best Year for Commodities

But over in the steel industry, it is tough to find signs of an economic slowdown...

"Customer order entry activity continues to be healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace. Despite softening flat roll steel pricing, our steel order activity remains solid from the automotive, construction, and industrial sectors, with energy continuing to improve. Our steel fabrication operations order backlog remains at near-record volumes and forward pricing levels”.

Steel Dynamics

And a big railroader is seeing better semi demand helping out its auto delivery business...

CSX’s auto business grew 24% Y/Y (revenue) with mgmt. saying production is improving thanks to better semiconductor availability. “We are encouraged by strength and automotive market, where revenues rose 24% on a 10% increase in volume; there are clear signs from auto manufacturers that semiconductor challenges are easing”

Jones Trading

Rail demand is not a problem. But if you know someone who would like to be Sir Tophamm Hatt, have them call 1-800-CSX...

Still All About Crews. CSX continues to distill its operating problems down to one number: active train and engine employees, which averaged 6,667 in Q2 versus the railroad’s initial target of 7,000, which management believes will trigger the beginning of a rebound in operating efficiency. CSX expects to hit the magic 7,000 number before the end of Q3.

Loop Capital

Speaking of semis, ASML gives us many comments across multiple end markets...

“ASM again delivered a very strong quarter, with record high orders, revenue and results,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “In the second quarter, revenue increased by 30% at constant currencies to €560 million, at the higher end of the guided range of €540-570 million, as our team, in close cooperation with suppliers and customers, demonstrated again solid execution in the face of continued difficult supply chain conditions.

While parts of the semiconductor end-markets, mainly PCs and smartphones, recently slowed down impacted by weakening macro-economic trends, the overall demand for wafer fab equipment continues to be strong and broad based. Our order intake surged by 73% at constant currencies to a new record high of €943 million in Q2. Our orders were boosted by robust new node spending in the logic/foundry segment and our recent wins in memory, particularly for ALD gap-fill in 3D-NAND and continued adoption of HKMG in DRAM...

Supply chain conditions have improved at a slower pace than previously projected and, as a result, are expected to remain challenging in the third quarter. For Q3, at constant currencies, we expect revenue of €570-600 million. Supported by a record high order backlog, we still project an improvement in our sales in the second half compared to the first half. Assuming some improvement in the supply situation towards the end of the year, we expect revenue in Q4 to be higher than in Q3. As supply constraints will limit the extent of the increase in our shipments in the second half, we expect our order backlog to remain at an elevated level as we exit 2022.

ASM International NV

I know more people that use Snapfish than Snapchat in 2022...

"I think it's probably a good opportunity to step back and discuss how the overall demand environment is materializing. As you noted, we have seen a pretty good deceleration over the last 90 days. And as we noted in the shareholder letter, we've seen that across our DR and brand businesses as well as a number of sectors. But over a longer trajectory here, we've observed a fairly steady deceleration in demand over the last year." - Snap CFO Derek Anders

The Transcript

S&P 500

Snap Investor Relations

Food delivery companies continue to live in their now perfect storm, wondering why 2021 had to end...

$DPZ Dominos - "Our results for the quarter faced challenges consistent to those I outlined back in Apr. We continued to navigate a difficult labor market, especially for delivery drivers, in addition to inflationary pressures combined w/ COVID and stimulus-fueled sales comps..."


The head of Goldman Sachs worries about further tightening impacting earnings and leading to lower stock valuations...

"I think at this point the market is expecting, you know, more aggressive tightening on the part of the Fed. I think where we have some volatility or softness in the market as we look forward is I think you've got to watch corporate earnings. And up to this point, corporate earnings have hung in reasonably well. But with a tightening economic environment, I think you're going to see more pressure on corporate earnings, and it's just math. If we kept the same earnings multiple on the S&P but corporate earnings decreased by 10%, you can figure out what the market impact is. So I think the big thing to watch in the next 12 months is corporate earnings. If you're a student of history, any time we've been in this kind of environment a decline in corporate earnings lags and comes next. And that should put-- that may put, not should-- that may put a little bit more pressure on stock markets." - Goldman Sachs CEO David Solomon

The Transcript

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The Daily Shot

One-third of the S&P 500 will report this week. Buckle up...

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10-year Treasury yields peaked in June...

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Deemer Chart List

While the 2y v 10y curve has inverted, the 3m v 10y has not...

@bespokeinvest: Even the FOMC's preferred measure of the yield curve is quickly flattening.

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Low odds for a 1% hike by the Fed on Wednesday...

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CME Group

The Fed has plenty of inflation easing data to look at this week, including this chart...

@MacroAlf: Markets are starting to price in quite the collapse in inflation. US 2y inflation swaps (reflecting market expectations) are quickly trending < 3%. Spot CPI is at 9%...
P.S. Those are based on CPI, while the Fed targets PCE which tends to be 30-40 bps lower.

Best Year for Commodities

And instead of 75 basis points of Fed hikes in 2023, the market is now betting on 75 basis points of cuts...

@C_Barraud: The market is now pricing almost 75bps #Fed rate cuts in 2023 with the first cut expected in 1Q23.

S&P 500

The market has gone all in on a recession...

S&P 500

BofA Global

But High Yield bonds have begun to recover...

S&P 500

Deemer Chart List

Meanwhile, the current economic data looks dreadful...

The Philly Fed’s regional factory activity index plummeted this month and expected demand has evaporated to worse than the Great Financial Crisis.

S&P 500

The Daily Shot

And equally bad overseas...

S&P 500

The Daily Shot

Some better news for Walmart: Container shipping costs continue to moderate...

S&P 500

The Daily Shot

The Federal Reserve and market action in the bond market are getting the job done of cooling down the U.S. housing market...

D.R. Horton Inc. tempered its expectations for home sales and said it’s granting more buyer incentives to help navigate a slowdown in demand.

The company expects to deliver 83,000 to 85,000 homes in its full fiscal year, according to its earnings statement Thursday, down from its previous projection of 88,000 to 90,000 homes. D.R. Horton’s deal cancellation rate for the three months through June rose to 24% from 17% a year earlier as soaring mortgage rates caught buyers by surprise.

Fortunes are changing for homebuilders, which benefited from a surge in demand earlier in the pandemic, when both mortgage rates and listings for previously owned homes were hovering near record lows. Now, higher borrowing costs are forcing more buyers to pull back, and a growing supply of existing homes presents a competitive challenge for builders.

D.R. Horton builds on spec, meaning it rarely has contracts in place before beginning construction. That adds to the risk of rising inventories if homes aren’t sold quickly. On its earnings conference call, the company said it’s adjusting starts to moderating demand and expects to offer more buyer incentives in the current quarter.


Lots of copper in a new home. Add in the economic slowdowns in China and Europe and copper has now entered an epic drawdown...

@AndrewThrasher: Copper has experienced a 4-sigma decline, matching or exceeding prior pullbacks.

S&P 500

Speaking of price deflation, Walmart makes a big move to lower prices on soft goods and general merchandise to get rid of all that delayed and stuck inventory...

Great news for consumers. Tough news for Walmart profit margins and their competitors. 2022 will become a PhD for any surviving retail executives.

Comp sales for Walmart U.S., excluding fuel, are expected to be about 6% for the second quarter. This is higher than previously expected with a heavier mix of food and consumables, which is negatively affecting gross margin rate. Food inflation is double digits and higher than at the end of Q1. This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel. During the quarter, the company made progress reducing inventory, managing prices to reflect certain supply chain costs and inflation, and reducing storage costs associated with a backlog of shipping containers. Customers are choosing Walmart to save money during this inflationary period, and this is reflected in the company’s continued market share gains in grocery. “The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars. We’re now anticipating more pressure on general merchandise in the back half; however, we’re encouraged by the start we’re seeing on school supplies in Walmart U.S.” said Doug McMillon, Walmart Inc. president and chief executive officer.

June had better prove the peak in the CPI...

Growing signs that price pressures are easing suggest that June’s distressingly high 9.1% increase in consumer prices will probably be the peak. But even if inflation indeed comes down, economists see a slow pace of decline. Signs that 9.1% might have been the top: Gasoline prices have fallen around 10% from their mid-June high point, wheat futures prices have fallen by 37% since mid-May and corn futures prices are down 27% from mid-June. The cost of shipping goods from East Asia to the U.S. West Coast is 11.4% lower than a month ago. Easing price pressures and improvements in backlogs and supplier delivery times in business surveys suggest that supply-chain snarls are unraveling, Gwynn Guilford reports.

S&P 500


The S&P 500 bottomed when gasoline prices peaked. Interesting...

S&P 500


The public to private trend will continue...

S&P 500

And if you are an investor in apartments or industrial real estate, then Blackstone's Jon Gray has some good words for you...

It's a good question. Obviously at some point the very high rates of rental growth will come down, but the backdrop is incredibly constructive. You start with in our two main asset classes here residential and logistics record low vacancies which is different typically than when you're going into a down cycle. In addition to that, what you're seeing is particularly on the residential side, a pretty rapid slowing of new construction.

New home starts were down 20% here in the last couple of months because obviously the for sale market, the cost of construction goes up and also financing costs, mortgage costs have gone up really materially. And so, people still have to live somewhere. And so, what's happening of course is you're seeing less new supply. We already have a very big structural shortage and that's pushing more people into the rental market.

So that provides a lot of support. I would also point out as history if you went back to the 1978 to 1982 period, the last period of really high inflation in the US, CPI averaged 9% back then. Rental housing apartment rents grew at 9% and new construction declined by 50%. So, I think investors haven't fully appreciated the value of hard assets in this kind of climate. And then on the logistics side what I would say there is, we're still seeing the shift to e-commerce the importance of owning last-mile logistics keeps going up. And then this redundancy desire of companies, who are concerned about supply chain and the need to hold more inventory closer to home, that's creating real demand there too. And so, we see strength there as well. So, surprisingly, despite a lot of the headwinds, these are probably two of the best sectors in the entire economy around the world.

Blackstone Investor

This makes complete sense to everyone...

When Christopher Dossman and his wife, Yao Li, were looking for an apartment in New York last year, they compiled the usual list of preferences: washer/dryer, proximity to a grocery store, subway access. But a top priority for them was a work-from-home space.

In April, the couple moved into the Willoughby, a 34-story tower in Downtown Brooklyn, paying $4,300 a month for a one-bedroom. The building is unfinished, but they chose it because it provided a crucial amenity: a co-working space on the 22nd floor that includes semiprivate banquettes and a conference room with a view of Fort Greene Park.

“Every day I am up there,” said Mr. Dossman, an entrepreneur who has founded several tech start-ups. “There are some days I don’t leave the building at all.”

As corporate America adapts to employee requests for flex schedules, Mr. Dossman is part of a growing number of workers who want to work remotely, but not necessarily from their living room couches or kitchen tables.

The pandemic forced an exodus of workers from offices in 2020. Even as workplaces reopen, 59 percent of employees are still working remotely, according to a survey released earlier this year by the Pew Research Center. Among those remote workers, 78 percent say they want to continue to do so after the pandemic, up from 64 percent two years earlier.

Developers across the nation are doing what they can to make remote work more convenient to lure prospective tenants, setting off an amenities war as luxury rental buildings and condos dangle must-have conveniences like private offices, conference rooms, task lighting, wall-mounted monitors, podcasting booths and high-speed internet.

S&P 500

The New York Times

Big technology companies used to make downtown real estate markets...

S&P 500

Meanwhile in downtown Denver this week...

The building is not in foreclosure, the owners just want to sell. They have $40m into it. The bidding will start at $9m.

A 24-story office building in downtown Denver, currently two-thirds vacant, is set to be auctioned off next month.

The auction for the DC Building at 518 17th St., currently owned by Goldman Sachs and Seattle-based Unico Properties, is scheduled to begin online Aug. 22 and end two days later, according to auction website Ten-X.

The minimum bid is $9 million. Newmark is showing the property ahead of the auction.

The auction site says the building, which dates to 1954, has 274,598 rentable square feet, of which just 30.6 percent is currently occupied. That translates to about 190,000 square feet of available space.

Unico purchased the building for $30 million in 2015. A company executive told BusinessDen at the time that the building was about 80 percent leased.

Unico proceeded to spend about $10 million on improvements to the building, including installing a gym and a two-lane bowling alley, according to marketing materials.

S&P 500

The Denver Post

If you are an investor in venture capital or growth equity, then last week's SVB earnings were worth looking into...

The Silicon Valley based bank missed earnings as their core business is slowing with the overall Venture Capital market. Not only does SVB make loans to companies in the tech centric valley and beyond, but they also acquire equity warrants during many of those transactions. So during the downcycles for VC, their core customer base is borrowing and transacting less, running into credit problems and SVB's equity stakes are being written down. The perfect storm during which SVB proves its ability to manage through. This explains the 50%+ pullback in their stock price since January.

But it is very instructive to look into their loan/credit book and see at where the allowance for future losses is being built. As you will see below, the bulk of the increases are happening in the VC and Growth Stage lending books where SVB boosted their reserves 40%+ quarter over quarter. Sizeable yes, but these are still small numbers (4.9% and 3.2%) for such young companies. If the SVB saw the world falling apart, I'd have expected double digit provisions being built. And the rest of the lending book didn't see much of an increase at all, even among the sponsor led PE buyout companies they have lent to. And if you look at the assumptions that SVB is using (Moody's) to create their 65% downside risk scenario, it is looking at peak unemployment of 7.9% in Q3/2023. That is one heck of a bear case from today's economic picture.

So yes, the investing environment has gotten more difficult for newer, startup companies, but in looking at these numbers, I do not see a black hole in the near term for their lenders.

S&P 500

SVB Investor

One of the happiest investment teams in the market right now must be those running a secondary private equity fund with 100% cash...

With only about $100-$125 billion in dry powder looking to buy secondary market private assets and a growing list of institutional investors over-allocated to the $6+ trillion private markets, there is an increasing supply/demand imbalance occurring for secondary market participants.

Buyers should be in a good position to take advantage of this imbalance in the second half of 2022 as transactions occur.

S&P 500

Hamilton Lane

Twenty-one years before the Elon/Twitter deal, there was the Berkshire/XTRA deal...

XTRA Lease Company
In June 2001, Julian Robertson called Warren Buffett to let him know that he had decided to sell his 27% ownership interest in XTRA, a leading lessor of truck trailers. This prompted Mr. Buffett to initiate talks with XTRA’s CEO regarding the possibility of acquiring the company. On July 31, 2001, Berkshire and XTRA announced a merger agreement for $590 million. The acquisition was to be effectuated through a tender offer expiring on … September 11, 2001.

As Mr. Buffett described in his 2001 letter to shareholders, Berkshire had the ability to get out of the deal if the stock market were to close prior to the expiration of the tender offer. The terrorist attacks of September 11, 2001 did cause a market closure and Berkshire could have exited the deal. However, Mr. Buffett chose to proceed despite the fact that the attacks were sure to result in large insurance losses for Berkshire. Additionally, XTRA is a cyclical business, and its valuation would likely have dropped significantly once the markets reopened.

Why would Warren Buffett proceed with a $590 million deal that could have probably been renegotiated or abandoned entirely? The answer is straight-forward: When Berkshire Hathaway makes a deal to acquire a company, it needs to be as good as cash in the bank. This has been a competitive advantage for Berkshire over many decades and there was no way Mr. Buffett was going to risk losing that reputation. Berkshire closed on the deal for the agreed upon price.

Rational Walk

Sure, big tech might be slowing, but Morgan Stanley still sees a turbo-charger in the form of services revenues hiding under Apple's iPhone hood...

S&P 500

Morgan Stanley

There is a reason why many electricity intensive operations are located near high power and low cost hydroelectric or nuclear facilities...

A heatwave has pushed the state’s grid to its brink and sent power prices soaring. Now, nearly all industrial-scale Bitcoin miners in Texas have turned off their rigs to ease the strain under a non-binding agreement they made with state grid managers in the biggest pullback since the China ban. It was a condition that miners were willing to accept, even if not required, when they signed on in the state — but it’s causing a pinch now.

As Texas broils, hundreds of thousands of mining machines are deteriorating in the heat without earning money just as a drop in Bitcoin’s price has already hurt profits. To be fair, the miners didn’t set up their multimillion-dollar operations without gauging the risks. But the extreme conditions and threat of further disruptions as summer drags on suggest the equation may be changing in a way that may make Texas less of a mining magnet.

When miners calculated how much a brutal summer in Texas could damage their businesses, they likely didn’t anticipate the prospect of a prolonged surge in energy prices like the one caused by Russia’s Ukraine invasion, or that low wind speeds might curb alternative-power output just when it was needed most. Those circumstances have exacerbated the energy shortage, leaving little wiggle room for the miners to source large amounts of electricity from the grid.

S&P 500


Ducks, beavers & semiconductors...

Unlike Texas, Oregon has plenty of cheap hydroelectric power that will run 24/7/365.

Oregon tech jobs are surging and have finally surpassed the high-water mark set in the heyday of the dot-com boom, according to a new analysis by Josh Lehner at the Oregon Office of Economic Analysis.

Oregon’s robust growth reflects two factors, Lehner found: A decade of steady expansion in software employment and a burst of hiring in the semiconductor industry. Oregon chipmaking jobs grew by 14% in just the last year.

“It’s crazy. It’s unbelievable,” Lehner said, to see the chip sector grow so quickly after 20 years of flat or modest hiring. Oregon’s concentration of chip jobs is seven times higher than the national average.

Intel has just completed a $3 billion expansion of its D1X research factory in Hillsboro, and several other Oregon tech manufacturers found ways to boost capacity without building brand-new factories. Scrambling to staff those expanded facilities, employers took to the airwaves to recruit technicians and began hiring workers even before they finished school.

While the worker shortage persists, Oregon’s semiconductor industry added 4,000 jobs in the past year. Lehner said that’s equivalent to the direct employment that would come from two of the brand-new chip factories being built in Arizona, Texas, Ohio and New York.

S&P 500

The Oregonian

Speaking of manufacturing jobs, what does your state most export?

S&P 500

Visual Capitalist

Colleges are having a difficult time competing against a raging job economy and soaring entry level wages...

S&P 500


Great life lessons from the Far Rockaway High School Nobel laureate...

S&P 500

Learn more about the Hamilton Lane Strategies

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The author has current equity ownership in: ASML Holdings NV.

The information presented here is for informational purposes only, and this document is not to be construed as an offer to sell, or the solicitation of an offer to buy, securities. Some investments are not suitable for all investors, and there can be no assurance that any investment strategy will be successful. The hyperlinks included in this message provide direct access to other Internet resources, including Web sites. While we believe this information to be from reliable sources, Hamilton Lane is not responsible for the accuracy or content of information contained in these sites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers. The views expressed by these external providers on their own Web pages or on external sites they link to are not necessarily those of Hamilton Lane.

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