Shares Magazine – May 23, 2019

AEQUITAS

23 May 2019 | SHARES | 41

Insightful commentary on market issues

'ƌŽǁƚŚƐƚŽĐŬƐǁŽďďůĞĚŝŶƚŚĞƐĞĐŽŶĚŚĂůĨŽĨ
ϮϬϭΘĂƐƚŚĞ&ĞĚĞƌĂůZĞƐĞƌǀĞĨŽƌĐĞĚƚŚƌŽƵŐŚĂ
ƋƵĂƌƚĞƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞŝŶĐƌĞĂƐĞƐůĂƐƚLJĞĂƌĂŶĚ
ǀĂůƵĞƐƚŽĐŬƐďĞŐĂŶƚŽďƌŝĞŇLJŽƵƚƉĞƌĨŽƌŵ͘,ŽǁĞǀĞƌ͕
ŶŽƐŽŽŶĞƌŚĂĚƚŚĞ&ĞĚďĂĐŬƚƌĂĐŬĞĚŝŶ:ĂŶƵĂƌLJ
ʹŝŶƐƉŝƌŝŶŐŵŽŶĞƚĂƌLJƉŽůŝĐLJƉĂƵƐĞƐĞǀĞƌLJǁŚĞƌĞ
ĨƌŽŵƚŚĞh<ƚŽƚŚĞh͕ĂŶĂĚĂ͕ƵƐƚƌĂůŝĂĂŶĚEĞǁ
ĞĂůĂŶĚʹƚŚĂŶŐƌŽǁƚŚƐƚŽĐŬƐƚŽŽŬŇŝŐŚƚĂŐĂŝŶ͘

Z/W&KZ,E'
^ŚĂƌƉͲĞLJĞĚŝŶǀĞƐƚŽƌƐǁŝůůŶŽƚĞĨƌŽŵƚŚĞĮƌƐƚ
ĐŚĂƌƚƚŚĂƚƚŚĞEz^&ĂŶŐнŝŶĚĞdžŚĂƐĨĂŝůĞĚƚŽ
ƌĞĐĂƉƚƵƌĞůĂƐƚLJĞĂƌ͛ƐŚŝŐŚĂŶĚďĞŐƵŶƚŽƐůŝĚĞ
ĂŐĂŝŶ͘dŚŝƐŝƐŶŽƚ͕ŚŽǁĞǀĞƌ͕ŽīĞƌŝŶŐƐƵĐĐŽƵƌƚŽ
ǀĂůƵĞͲƐĞĞŬĞƌƐ͕ĞƐƉĞĐŝĂůůLJŝŶƚŚĞh<͕ǁŚĞƌĞƚŚĞ
D^/h<ǀĂůƵĞŝŶĚĞdžƚƌĂĚĞƐďĞůŽǁŝƚƐƐƵŵŵĞƌ
ϮϬϬϳƉĞĂŬ͘
tŚĂƚŝƐƉƌŽďĂďůLJƌĞĂůůLJŶĞĞĚĞĚĨŽƌǀĂůƵĞƚŽ
ĐŽŵĞŝŶƚŽĨĂƐŚŝŽŶŵĂLJďĞƐŽŵĞŐŽŽĚ͕ŽůĚͲ
ĨĂƐŚŝŽŶĞĚ'WŐƌŽǁƚŚǁŝƚŚĂĚŽƐĞŽĨŝŶŇĂƟŽŶ
ƚŚƌŽǁŶŝŶ͘dŚŝƐǁŽƵůĚŚĞůƉƵŶůŽǀĞĚĐLJĐůŝĐĂůĮƌŵƐ
ƐƚƉƌŽĮƚƐ͕ŐĞŶĞƌĂƚĞĞdžƚƌĂĐĂƐŚĂŶĚƉĂLJĚŽǁŶ
ĚĞďƚŽƌŝŶĐƌĞĂƐĞĚŝǀŝĚĞŶĚƐ͘/ƚǁŽƵůĚĂůƐŽŵĞĂŶ
ƚŚĂƚŐƌŽǁƚŚŝƐĞĂƐŝĞƌƚŽĮŶĚ͕ĂƚůĞĂƐƚŝŶ
ŶŽŵŝŶĂůƚĞƌŵƐ͕ĂŶĚŝŵƉůLJƚŚĂƚƚŚĞƐĐĂƌĐŝƚLJ

ByZƵƐƐDŽƵůĚ

:Ğůů/ŶǀĞƐƚŵĞŶƚŝƌĞĐƚŽƌ

'ZKtd,^dK<^,sZ>>/,Z/EϮϬϭε

^ŽƵƌĐĞ͗ZĞĮŶŝƟǀ͘Ύh<ĚĂƚĂďĂƐĞĚŽŶD^/h<sĂůƵĞĂŶĚD^/h<'ƌŽǁƚŚŝŶĚŝĐĞƐ͘

ΎΎh^ĚĂƚĂďĂƐĞĚŽŶ^ΘWρϬϬsĂůƵĞĂŶĚ^ΘWρϬϬ'ƌŽǁƚŚŝŶĚŝĐĞƐ͘

E>Zd/KE/E/E&>d/KE,^^D/E'>z

,>Ws>h^dK<^WZ&KZD͙

^ŽƵƌĐĞ͗ZĞĮŶŝƟǀ͘Ύh<ĚĂƚĂďĂƐĞĚŽŶD^/h<sĂůƵĞĂŶĚD^/h<'ƌŽǁƚŚŝŶĚŝĐĞƐ͘

ΎΎh^ĚĂƚĂďĂƐĞĚŽŶ^ΘWρϬϬsĂůƵĞĂŶĚ^ΘWρϬϬ'ƌŽǁƚŚŝŶĚŝĐĞƐ͘

͙/EKd,d,h<Eh^^/E

d,'Zd&/EE/>Z/^/^

^ŽƵƌĐĞ͗ZĞĮŶŝƟǀ͘Ύh<ĚĂƚĂďĂƐĞĚŽŶD^/h<sĂůƵĞĂŶĚD^/h<'ƌŽǁƚŚŝŶĚŝĐĞƐ͘

ΎΎh^ĚĂƚĂďĂƐĞĚŽŶ^ΘWρϬϬsĂůƵĞĂŶĚ^ΘWρϬϬ'ƌŽǁƚŚŝŶĚŝĐĞƐ͘

ƉƌĞŵŝƵŵĂƩĂĐŚĞĚƚŽƚŚĞ&ĂŶŐнŶĂŵĞƐŝƐŶŽ

ůŽŶŐĞƌŵĞƌŝƚĞĚ͘

ƐƚƵĚLJŽĨƚŚĞƉĂƐƚĚĞĐĂĚĞƐƵŐŐĞƐƚƐƚŚĂƚǀĂůƵĞ

ŶĂŵĞƐĚŽƐŚŽǁŵŽƌĞƐŝŐŶƐŽĨůŝĨĞǁŚĞŶŝŶŇĂƟŽŶ

ŝƐĂĐĐĞůĞƌĂƟŶŐ͘tŝƚŚŽŝůƉƌŝĐĞƐƐƚĂLJŝŶŐĮƌŵ͕ĐĞŶƚƌĂů

ďĂŶŬƐŶŽǁĚŝƐĐƵƐƐŝŶŐůĞƫŶŐŝŶŇĂƟŽŶƌƵŶĂďŽǀĞ

ƚĂƌŐĞƚĨŽƌĂǁŚŝůĞĂŶĚƉŽůŝƟĐŝĂŶƐůĞĂŶŝŶŐĂǁĂLJ

ĨƌŽŵĂƵƐƚĞƌŝƚLJĂŶĚƚŽǁĂƌĚĮƐĐĂůƐƟŵƵůƵƐ͕ƚŚĞ

ĞǀĞŶƚƵĂůƌĞƚƵƌŶŽĨŝŶŇĂƟŽŶŵĂLJŶŽƚďĞƋƵŝƚĞĂƐ

ĨĂŶƚĂƐƟĐĂůĂƐŝƚƐŽƵŶĚƐƚŽĚĂLJ͘