Current musings on the capital markets and the investment landscape shown in charts. This is Berkeley Capital Partner's quarterly overview of questions, concerns and opportunities we are considering. Report does not contain investment recommendations.

1. Berkeley Macro Musings
Confidential. All Rights Reserved.
Investment and insurance products:
NOT FDIC-Insured/ No Bank Guarantee/ MAY Lose Value

2. Section I: Central Banking Effect on
Capital Markets

3. Financial
Life
Coordinator
Client
Service
Liaison
Growth of Fed Balance Sheet
= Beginning of new QE packages.
= End of QE3.

4. Financial
Life
Coordinator
Client
Service
Liaison
S&P price chart from QE1 through QE3

5. Financial
Life
Coordinator
Client
Service
Liaison
S&P price chart since QE ended

6. Financial
Life
Coordinator
Client
Service
Liaison
HYG price chart since QE ended

7. Financial
Life
Coordinator
Client
Service
Liaison
DBC price chart since QE ended

8. Financial
Life
Coordinator
Client
Service
Liaison
Global Increase of Central Bank Balance Sheets

9. Client
Service
Liaison
US departure from Central Bank Trend?
Meanwhile, in the rest of the world . . .

10. Financial
Life
Coordinator
Client
Service
Liaison
A whole new world, one with negative interest debt

11. Financial
Life
Coordinator
Client
Service
Liaison
A whole new world, one with negative interest debt
$5.5 Trillion as of Feb. 2016

12. Financial
Life
Coordinator
Client
Service
Liaison
Alternative Assets . . .

13. Section II: The Futility of Prognosticators
“Why we are skeptical about Wall Street, Central
Bankers and Financial Media”

14. Financial
Life
Coordinator
Client
Service
Liaison
Wall Street Predictions heading into 2008

15. Financial
Life
Coordinator
Client
Service
Liaison
Goldman Sachs on Earnings Per Share Growth
Estimates made in 2014 for EPS
Year Old Est. Actual
2014 $116 $113
2015 $125 $106
New Est.
2016 $132 $117
2017 $138 $126

16. Financial
Life
Coordinator
Client
Service
Liaison
Wall Street Interest Rate Predictions
Actuals: High for Year 3.00%
2.50%
Actuals: Low for Year 2.10%
1.68%

17. Financial
Life
Coordinator
Client
Service
Liaison
The Barron’s curse?

18. Client
Service
Liaison
Price chart of FB following 2012 Barron’s cover

19. Valuations

20. Financial
Advisor
Financial
Life
Coordinator
Client
Service
Liaison
S&P 500 Valuation

21. Financial
Advisor
Financial
Life
Coordinator
S&P P/E vs 10 Year Treasury
S&P 500
Historical P/E
Yield of 10-Year
US Treasury

22. Financial
Advisor
Financial
Life
Coordinator
Anemic Revenue Growth

23. Financial
Advisor
Financial
Life
Coordinator
Record Profit Margin

24. Financial
Advisor
Financial
Life
Coordinator
Stock Buybacks

25. Financial
Advisor
Financial
Life
Coordinator
Demand of Stocks driven by buybacks

26. Financial
Advisor
Financial
Life
Coordinator
Other Macro Measures

27. Financial
Advisor
Financial
Life
Coordinator
Emerging Markets

28. Financial
Advisor
Financial
Life
Coordinator
Emerging Markets