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MARKET CHARTBOOK
March 30, 2021
2
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The Good News.. Consumer Spending
Source: Carl Quintanilla (CNBC)
3
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The Good News.. Consumer Confidence
Source: Joe Weisenthal (Bloomberg)
4
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The Good News.. Earnings Growth
5
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The Bad News.. Saving?
“One of the #risks to #economic growth projections is that the #stimulus doesn't actually show up in the
form of #consumption (~70% of growth). #ParadoxOfThrift @RealInvAdvice
@soberlook” – Lance Roberts
Source: Lance Roberts (RIA Advisors)
6
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The State Of The Stock Market.. Reopening Effect
Source: Lisa Abramowicz (Bloomberg)
7
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The State Of The Market.. Bill Hwang
“Bankers reckon
that Archegos’s net
capital --
essentially
Hwang’s wealth --
had reached north
of $10 billion. And
as disposals keep
emerging,
estimates of his
firm’s total
positions keep
climbing: tens of
billions, $50 billion,
even more than
$100 billion.”
- Danielle DiMartino Booth
Source: Danielle DiMartino Booth (Quill Intelligence)
8
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The State Of The Market.. Hidden Risks
“As Bloomberg reports, much
of the leverage used by
Hwang’s Archegos Capital
was provided by banks
including Nomura and Credit
Suisse - who have most
recently admitted huge
losses - as CFDs, which are
made off exchanges, allow
managers like Hwang to
amass stakes in publicly
traded companies without
having to declare their
holdings (far in excess of the
5% stakes that require
regulatory reporting).” – Tyler
Durden
“Crucially, as Bloomberg notes, this means Archegos may never actually have owned most of the underlying
securities - if any at all - as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract
where the differences in the settlement between the open and closing trade prices are cash-settled (there is no
delivery of physical goods or securities with CFDs).” – Tyler Durden
Source: Durden, Tyler. “CFDs - The Dirty Little Secret Behind The Collapse Of Archegos.” ZeroHedge, 29 Mar. 2021, www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos.
9
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The State Of The Market.. Systemic or Isolated?
Sources:
Kinder, Tabby. “How Bill Hwang Got Back into Banks' Good Books - Then Blew Them Up.” Subscribe to Read | Financial Times, Financial Times, 29 Mar. 2021, www.ft.com/content/b7e0f57b-3751-42b8-8a17-
eb7749f4dbc8?shareType=nongift.
Lewis, Leo, et al. “Credit Suisse and Nomura Warn of Losses after Archegos-Linked Sell-Off.” Financial Times, Financial Times, 29 Mar. 2021, www.ft.com/content/073509cd-fe45-44d2-afac-
cace611b6900?shareType=nongift.
Alloway, Tracy, and Georgina McKay. “Five Things You Need to Know to Start Your Day.” Bloomberg.com, Bloomberg, 29 Mar. 2021, www.bloomberg.com/news/newsletters/2021-03-29/five-things-you-need-to-know-to-start-
your-day-kmv7nige?sref=frV97TwV.
Source: Tabby Kinder (Financial Times)
Source: Tabby Kinder (Financial Times)
Source: Leo Lewis, etc (Financial Times)
Source: Alloway, McKay (Bloomberg)
10
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The State Of The Stock Market.. Hidden Risks
Source: ZeroHedge
11
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The State Of The Market.. Rotation Continues
Sources:
Batnick, Michael. “The State of the Stock Market.” The Irrelevant Investor, 28 Mar. 2021, theirrelevantinvestor.com/2021/03/28/the-state-of-the-stock-market/.
Batnick, Michael. “The Worst Type of Sell-Off.” The Irrelevant Investor, 24 Mar. 2021, theirrelevantinvestor.com/2021/03/24/the-worst-type-of-sell-off/.
Savitz, Eric J. Tech Stocks Are Back Near Dot-Com Bubble Heights-at Least by One Measure, Barrons, 27 Mar. 2021, www.barrons.com/articles/tech-stocks-havent-looked-this-pricey-since-the-dot-com-bubble-
51616803992?mod=hp_LEAD_1.
Source: Michael Batnick (Ritholtz Wealth Management)
Source: Michael Batnick (Ritholtz Wealth Management)
Source: Eric Savitz (Barrons)
12
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
“According to the ICI, equity mutual funds and ETFs enjoyed inflows of nearly $54 billion last week alone.
That's higher than any previous *month* in 26 years.
So far in March, inflows total more than $75 billion.” - SentimentTrader
Chart Of The Week.. Equity Flows
Source: SentimentTrader
13
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
Source: Dani Burger (Bloomberg)
Fun Chart
CONTACT US
14
Our Locations:
Austin Office
9020 N. Capital of Texas Hwy
Building I, Suite 345
Austin, TX 78759
Phone: 512-735-0222
Dallas Office
4809 Cole Avenue, Suite 345
Dallas, Texas 75205
Phone: 214-923-5756
Kerrville Office
707 Hill Country Dr # 114
Kerrville, Texas 78028
Phone: 830-315-2555
Charles F. Hall, Jr.
Chairman
Phone: 210-464-1030
Email: chuck@clearrockadvisors.com
Ty Sanders
Chief Executive Officer
Phone: 512-576-1589
Email: ty@clearrockadvisors.com
Royce W. Medlin, CFA, CAIA
Chief Investment Officer
Phone: 214-923-5756
Email: royce@clearrockadvisors.com
Royce G. Itschner, CPA, CFP®
Managing Director
Phone: 830-315-2555
Email: rgi@clearrockadvisors.com
Aaron Lang
Portfolio Analyst
Phone: 469-623-1220
Email: aaron@clearrockadvisors.com
Tamra Nix
Operations Manager
Phone: 830-315-2555
Email: tamra@clearrockadvisors.com
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
DISCLOSURE
Clear Rock Advisors, LLC is registered with the SEC as a registered investment advisor with offices in Texas.
Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future
performance of any specific investment or investment strategy (including the investments and/or investment
strategies recommended and/or undertaken by Clear Rock Advisors, LLC) or any investment-related or financial
planning consulting services will be profitable, equal any corresponding indicated historical performance level(s), or
prove successful. It remains the client’s responsibility to advise Clear Rock Advisors, LLC, in writing, if there are any
changes in the client’s personal/financial situation or investment objectives for the purpose of reviewing, evaluating or
revising Clear Rock Advisors, LLC’s previous recommendations and/or services, or if the client would like to impose,
add to, or modify any reasonable restrictions to Clear Rock Advisors, LLC’s services. A copy of Clear Rock Advisors,
LLC’s current written disclosure statement discussing its advisory services and fees are available upon request.
15
©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.

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Clear Rock Market ChartBook

  • 2. 2 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The Good News.. Consumer Spending Source: Carl Quintanilla (CNBC)
  • 3. 3 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The Good News.. Consumer Confidence Source: Joe Weisenthal (Bloomberg)
  • 4. 4 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The Good News.. Earnings Growth
  • 5. 5 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The Bad News.. Saving? “One of the #risks to #economic growth projections is that the #stimulus doesn't actually show up in the form of #consumption (~70% of growth). #ParadoxOfThrift @RealInvAdvice @soberlook” – Lance Roberts Source: Lance Roberts (RIA Advisors)
  • 6. 6 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The State Of The Stock Market.. Reopening Effect Source: Lisa Abramowicz (Bloomberg)
  • 7. 7 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The State Of The Market.. Bill Hwang “Bankers reckon that Archegos’s net capital -- essentially Hwang’s wealth -- had reached north of $10 billion. And as disposals keep emerging, estimates of his firm’s total positions keep climbing: tens of billions, $50 billion, even more than $100 billion.” - Danielle DiMartino Booth Source: Danielle DiMartino Booth (Quill Intelligence)
  • 8. 8 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The State Of The Market.. Hidden Risks “As Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse - who have most recently admitted huge losses - as CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings (far in excess of the 5% stakes that require regulatory reporting).” – Tyler Durden “Crucially, as Bloomberg notes, this means Archegos may never actually have owned most of the underlying securities - if any at all - as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).” – Tyler Durden Source: Durden, Tyler. “CFDs - The Dirty Little Secret Behind The Collapse Of Archegos.” ZeroHedge, 29 Mar. 2021, www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos.
  • 9. 9 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The State Of The Market.. Systemic or Isolated? Sources: Kinder, Tabby. “How Bill Hwang Got Back into Banks' Good Books - Then Blew Them Up.” Subscribe to Read | Financial Times, Financial Times, 29 Mar. 2021, www.ft.com/content/b7e0f57b-3751-42b8-8a17- eb7749f4dbc8?shareType=nongift. Lewis, Leo, et al. “Credit Suisse and Nomura Warn of Losses after Archegos-Linked Sell-Off.” Financial Times, Financial Times, 29 Mar. 2021, www.ft.com/content/073509cd-fe45-44d2-afac- cace611b6900?shareType=nongift. Alloway, Tracy, and Georgina McKay. “Five Things You Need to Know to Start Your Day.” Bloomberg.com, Bloomberg, 29 Mar. 2021, www.bloomberg.com/news/newsletters/2021-03-29/five-things-you-need-to-know-to-start- your-day-kmv7nige?sref=frV97TwV. Source: Tabby Kinder (Financial Times) Source: Tabby Kinder (Financial Times) Source: Leo Lewis, etc (Financial Times) Source: Alloway, McKay (Bloomberg)
  • 10. 10 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The State Of The Stock Market.. Hidden Risks Source: ZeroHedge
  • 11. 11 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. The State Of The Market.. Rotation Continues Sources: Batnick, Michael. “The State of the Stock Market.” The Irrelevant Investor, 28 Mar. 2021, theirrelevantinvestor.com/2021/03/28/the-state-of-the-stock-market/. Batnick, Michael. “The Worst Type of Sell-Off.” The Irrelevant Investor, 24 Mar. 2021, theirrelevantinvestor.com/2021/03/24/the-worst-type-of-sell-off/. Savitz, Eric J. Tech Stocks Are Back Near Dot-Com Bubble Heights-at Least by One Measure, Barrons, 27 Mar. 2021, www.barrons.com/articles/tech-stocks-havent-looked-this-pricey-since-the-dot-com-bubble- 51616803992?mod=hp_LEAD_1. Source: Michael Batnick (Ritholtz Wealth Management) Source: Michael Batnick (Ritholtz Wealth Management) Source: Eric Savitz (Barrons)
  • 12. 12 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. “According to the ICI, equity mutual funds and ETFs enjoyed inflows of nearly $54 billion last week alone. That's higher than any previous *month* in 26 years. So far in March, inflows total more than $75 billion.” - SentimentTrader Chart Of The Week.. Equity Flows Source: SentimentTrader
  • 13. 13 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED. Source: Dani Burger (Bloomberg) Fun Chart
  • 14. CONTACT US 14 Our Locations: Austin Office 9020 N. Capital of Texas Hwy Building I, Suite 345 Austin, TX 78759 Phone: 512-735-0222 Dallas Office 4809 Cole Avenue, Suite 345 Dallas, Texas 75205 Phone: 214-923-5756 Kerrville Office 707 Hill Country Dr # 114 Kerrville, Texas 78028 Phone: 830-315-2555 Charles F. Hall, Jr. Chairman Phone: 210-464-1030 Email: chuck@clearrockadvisors.com Ty Sanders Chief Executive Officer Phone: 512-576-1589 Email: ty@clearrockadvisors.com Royce W. Medlin, CFA, CAIA Chief Investment Officer Phone: 214-923-5756 Email: royce@clearrockadvisors.com Royce G. Itschner, CPA, CFP® Managing Director Phone: 830-315-2555 Email: rgi@clearrockadvisors.com Aaron Lang Portfolio Analyst Phone: 469-623-1220 Email: aaron@clearrockadvisors.com Tamra Nix Operations Manager Phone: 830-315-2555 Email: tamra@clearrockadvisors.com ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
  • 15. DISCLOSURE Clear Rock Advisors, LLC is registered with the SEC as a registered investment advisor with offices in Texas. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Clear Rock Advisors, LLC) or any investment-related or financial planning consulting services will be profitable, equal any corresponding indicated historical performance level(s), or prove successful. It remains the client’s responsibility to advise Clear Rock Advisors, LLC, in writing, if there are any changes in the client’s personal/financial situation or investment objectives for the purpose of reviewing, evaluating or revising Clear Rock Advisors, LLC’s previous recommendations and/or services, or if the client would like to impose, add to, or modify any reasonable restrictions to Clear Rock Advisors, LLC’s services. A copy of Clear Rock Advisors, LLC’s current written disclosure statement discussing its advisory services and fees are available upon request. 15 ©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.

Editor's Notes

  1. These charts are form YCharts.
  2. These charts are form YCharts.
  3. These charts are form YCharts.
  4. These charts are form YCharts.
  5. These charts are form YCharts.
  6. These charts are form YCharts.
  7. These charts are form YCharts.
  8. These charts are form YCharts.
  9. These charts are form YCharts.