Founders: Hartnett's Annual Report

With complete slide deck

Good Morning:

Only the order of slide sections was changed to putting sections of most probable interest to readers up top. Specifically those are Real Assets and the Big Changes. There are ** next to any other areas that caught our attention as well.

Here is the whole report broken out into sectioned slide-show pictures. The PDF is reattached at bottom. This version has been scrubbed.. if you intend to “cheat”.

• Go to section 3 for Precious Metals and Big picture analysis

Table of Contents:

1. Intro— Theme and commentary

   1. The history of financial markets in pictures

   2. The big change

   3. The secular contrarian

   4. Four long years

2. **Quotables**¹

   1. *The long run in words

   2. *The long run in years

   3. *The long run in numbers

3. **Gold, Silver, and Big Change**

   1. The Longest Real Asset Pictures

   2. The Big Change

4. Stocks, Bonds and FX Returns

   1. The Longest Equity Pictures

   2. The Longest Bond & Currency Pictures

   3. **Risk & Returns includes best returns by decade and rolling returns for an assets history.**

5. Trends

   1. Valuation Trends

   2. Ownership Trends

   3. Market Share Trends

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1- Intro: Theme and Commentary

The history of financial markets in pictures

Our 6th edition of BofA’s Longest Pictures illustrates trends in the economy, interest rates and financial markets in recent decades and centuries.

The big change

2020s: an era of higher inflation and rates (periodically interrupted by recession/credit events), US debt and dollar debasement, booms and busts in wide equity trading range, driven by new trends in society (inequality to inclusion), policy (monetary to fiscal), Wall St (leveraging to deleveraging), trade (globalization to isolationism), geopolitics (peace to war), tech (AI), environment (netzero, energy/food security) & demographics (aging).