Top 5 Best-Selling Stocks For 2013
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1 Portfolio Comparison Report Prepared For John Vanderman By Pro Demo User June 17, 2013 John Vanderman: Top Holdings Global Diversified Model: Top Holdings Scenario Impact Summary Scenario: John Vanderman Return: Global Diversified Model Return: China Hard Landing - GDP Growth Slows to 5% -19.8% -9.4% What if China experiences a hard landing, a slowing of GDP growth to 4-5% from the current 8-9%? End of QE: Bond Exodus -1.3% -4.6% What if the Fed decides to taper its QE programs in 2013, resulting in a 1994-style bond exodus and crash? End of QE: Deflation Strikes Back -22.3% -10.2% What if the Fed begins to unwind QE, but the economy is not able to sustain growth on its own? End of QE: Economy Back on Track 12.7% 2.7% What if economic growth continues to accelerate, enabling the Fed to wind down QE and return to a more neutral monetary policy? End of QE: QE Infinity 34.8% 15.1% What if Wall Street has an irrational melt-up, driven by global QE and an improving economy? End of QE: Stagflation -5.8% -3.9% What if the Fed is forced to end its QE programs as a result of rising inflation?
2 Scenario: China Hard Landing - GDP Growth Slows to 5% Description: What if China experiences a hard landing, a slowing of GDP growth to 4-5% from the current 8-9%? Outcome: The Chinese economy has a huge impact on the world, and a hard landing, defined as a GDP growth slowing to 5%, could lead to a second recession worldwide. The undervalued yuan helps understate the influence of the Chinese economy, which could surpass the US in size this decade. A Chinese slowdown would bring down commodities markets, and impact trade worldwide as well. Timeframe: 1 Year Scenario Expectation: 0% priced into market Macro Impact Current Projected Change 10Y UST Yield 2.19% 1.68% -0.51% CPI 1.11% -0.68% -1.79% Euro $1.34 $ % Gold $1388 /oz $ % Oil $97.85 /barrel $ % Retail Sales 4.31% 3.04% -1.27% S&P , % Unemployment 7.6% 7.81% +0.21% US GDP Growth 2.4% 0.61% -1.79% US Home Prices USD Index (2000 = 100) (Index Value) % % Portfolio Impact: John Vanderman China Hard Landing - GDP Growth Slows to 5% Scenario Impact: -19.8%
3 Portfolio Impact: Global Diversified Model China Hard Landing - GDP Growth Slows to 5% Scenario Impact: -9.4%
4 Scenario: End of QE: Bond Exodus Description: What if the Fed decides to taper its QE programs in 2013, resulting in a 1994-style bond exodus and crash? Outcome: The Fed may decide to begin tapering its QE programs this year if it believes that inflation may become a concern, or that additional asset purchases are unwarranted. If bond market participants try to front-run the Fed and head for the exits, this could precipitate a crash in bonds as yields spike upward. Timeframe: 1 Year Scenario Expectation: 29% priced into market Macro Impact Current Projected Change 10Y UST Yield 2.19% 4.32% +2.13% CPI 1.11% 2.37% +1.26% Euro $1.34 $ % Gold $1388 /oz $ % Oil $97.85 /barrel $ % Retail Sales 4.31% 4.47% +0.16% S&P , % Unemployment 7.6% 7.34% -0.26% US GDP Growth 2.4% 2.93% +0.53% US Home Prices USD Index (2000 = 100) (Index Value) % % Portfolio Impact: John Vanderman End of QE: Bond Exodus Scenario Impact: -1.3%
5 Portfolio Impact: Global Diversified Model End of QE: Bond Exodus Scenario Impact: -4.6%
6 Scenario: End of QE: Deflation Strikes Back Description: What if the Fed begins to unwind QE, but the economy is not able to sustain growth on its own? Outcome: Asset prices will begin to deflate without Fed support unless their are clear signs that the economy can continue the recovery on its own. A deflationary pulse in stocks and commodities would likely be linked to falling interest rates and weakening economic growth, with the potential for a return to recession. Timeframe: 1 Year Scenario Expectation: 12% priced into market Macro Impact Current Projected Change 10Y UST Yield 2.19% 1.71% -0.48% CPI 1.11% -0.01% -1.12% Euro $1.34 $ % Gold $1388 /oz $ % Oil $97.85 /barrel $ % Retail Sales 4.31% 0.53% -3.78% S&P , % Unemployment 7.6% 8.1% +0.5% US GDP Growth 2.4% 0.86% -1.54% US Home Prices USD Index (2000 = 100) (Index Value) % % Portfolio Impact: John Vanderman End of QE: Deflation Strikes Back Scenario Impact: -22.3%
7 Portfolio Impact: Global Diversified Model End of QE: Deflation Strikes Back Scenario Impact: -10.2%
8 Scenario: End of QE: Economy Back on Track Description: What if economic growth continues to accelerate, enabling the Fed to wind down QE and return to a more neutral monetary policy? Outcome: If the US economic recovery becomes self-sustaining, the Fed can wind down its asset buying programs and eventually raise short term interest rates above 0%. This will help prevent inflation from rising too quickly as the US finally moves into the first normal business cycle since the financial crisis. Timeframe: 1 Year Scenario Expectation: 0% priced into market Macro Impact Current Projected Change 10Y UST Yield 2.19% 2.98% +0.79% CPI 1.11% 1.93% +0.82% Euro $1.34 $ % Gold $1388 /oz $ % Oil $97.85 /barrel $ % Retail Sales 4.31% 5.37% +1.06% S&P , % Unemployment 7.6% 6.72% -0.88% US GDP Growth 2.4% 4.24% +1.84% US Home Prices USD Index (2000 = 100) (Index Value) % % Portfolio Impact: John Vanderman End of QE: Economy Back on Track Scenario Impact: 12.7%
9 Portfolio Impact: Global Diversified Model End of QE: Economy Back on Track Scenario Impact: 2.7%
10 Scenario: End of QE: QE Infinity Description: What if Wall Street has an irrational melt-up, driven by global QE and an improving economy? Outcome: Analysts like Ed Yardeni are calling for the S&P 500 at 2100 in this scenario. Such a rapid appreciation might lead to wealth effects which might further stimulate the economy. Several Fed governors have also called for QE for the foreseeable future, as unemployment and GDP growth still don't meet their expectations. Timeframe: 1 Year Scenario Expectation: 27% priced into market Macro Impact Current Projected Change 10Y UST Yield 2.19% 2.51% +0.32% CPI 1.11% 1.97% +0.86% Euro $1.34 $ % Gold $1388 /oz $ % Oil $97.85 /barrel $ % Retail Sales 4.31% 8.44% +4.13% S&P , % Unemployment 7.6% 6.64% -0.96% US GDP Growth 2.4% 3.01% +0.61% US Home Prices USD Index (2000 = 100) (Index Value) % % Portfolio Impact: John Vanderman End of QE: QE Infinity Scenario Impact: 34.8%
11 Portfolio Impact: Global Diversified Model End of QE: QE Infinity Scenario Impact: 15.1%
12 Scenario: End of QE: Stagflation Description: What if the Fed is forced to end its QE programs as a result of rising inflation? Outcome: Rising inflation could force the Fed to wind down the QE program in order to enforce the inflation-fighting portion of its dual mandate. In this instance, the economy might suffer a double blow of higher inflation and a lack of support needed to get back to a full recovery. The end result might look similar to a 70's style stagflation. Timeframe: 1 Year Scenario Expectation: 12% priced into market Macro Impact Current Projected Change 10Y UST Yield 2.19% 4.06% +1.87% CPI 1.11% 3.29% +2.18% Euro $1.34 $ % Gold $1388 /oz $ % Oil $97.85 /barrel $ % Retail Sales 4.31% 3.38% -0.93% S&P , % Unemployment 7.6% 8.47% +0.87% US GDP Growth 2.4% 1.19% -1.21% US Home Prices USD Index (2000 = 100) (Index Value) % % Portfolio Impact: John Vanderman End of QE: Stagflation Scenario Impact: -5.8%
13 Portfolio Impact: Global Diversified Model End of QE: Stagflation Scenario Impact: -3.9%
14 Disclosures: This is where your disclaimers will be. If your broker-dealer has standard disclosures for client-facing materials, please place them here. HiddenLevers, providers of the software used to generate this report, makes the following disclosures: This report describes one or more potential scenarios that may or may not occur. HiddenLevers does not guarantee that any particular scenario will occur as modeled in this report. HiddenLevers uses historical analysis in the creation of this report, and past performance is not a guarantee of future results. The information contained in this report is not to be construed as advice and should not be confused as any sort of advice. GxWorks LLC (dba HiddenLevers), its employees, officers or affiliates, in some instances, may have long or short positions or holdings in the securities or other related investments of companies mentioned herein. Investors should consider this report as only a single factor in making their investment decision. HiddenLevers' mission is to educate and provide useful macro risk analytical tools to help investors make smarter investment decisions. We rely on financial data, including stock prices, provided by third parties. The data is believed to be accurate, but HiddenLevers does not guarantee or warranty this data. This report is intended only as an informational tool for you and your investment advisor, and should not in any way be construed as investment advice by HiddenLevers. If you make investment decisions based on information you receive in connection with this report, you do so at your own risk and neither HiddenLevers nor its employees will be liable for any losses that you may incur. Users of this should conduct their own independent research and due diligence and consult with their investment advisor before making any investment decisions or recommendations.
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