Good morning:

Linked please find our third quarter 2019 Economic and Market Review.

From an economic perspective it seems the U.S. is an island. Many nations in Asia and Europe are muddling along or already in a recession while we continue to turn in respectable economic performance. GDP remains in the 2.0% range while other indicators such as unemployment, consumer spending and inflation are, to be frank, excellent. Of course, geopolitics remains the ‘cloud on the horizon’ while our own political season continues to accelerate.

As I state inside, we witnessed a changing of the guard over the past three months as REITs outperformed most everything else and bonds more than doubled the return of stocks. Other asset classes such as commodities, emerging markets and small caps experienced losses.

It is with a sense of excitement that we look ahead for opportunities as the inevitable bouts of volatility crop up along with other events, both positive and negative. In this environment, we continue to provide clientele our institutionally oriented investment advice and portfolio management.

Thank you for your continued association with Strategies Capital Management.

-David Halseth, Chief Investment Officer and Founding Partner

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