This action had a subtle but negative effect on the stock market, particularly on old economy stocks that are traditionally more affected by interest rate direction. New economy technology stocks proved relatively immune to rising rates in 1999—but not in 2000.

Unfortunately we are unwilling to give our indicators away. However we are happy to share some key inputs into our work • Expected volatility of each Asset • Correlation expectations • Asset supply and demand across all cohorts • Central bank actions • Fiscal actions • Private sector leverage • Asset performance and investor “pain” • Health of leve