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ABRAHAM GULKOWITZ abe@gulkowitz.com917-402-9039

2011 issuJanuary 26, 2011

On Track Really ?Many companies and investors have embraced the improving economic data and positioned accordingly, although there is an underlying concern regarding a long list of issues, including the job outlook, the European sovereign crisis, runaway commodity prices, awkward exchange rate regimes, the ungainly growth in several emergingeconomies, and the overall fiscal position of the U.S. or even muni crisis. Imbalances in the growth outlook are plentiful, yet markets continue to dismiss these concerns,focusing better on the massive liquidity still injected into the markets, especially by the Fed. Refinancing has become a boon for many companies, especially the largerfirms. As far as business planning, however, theres plenty of evidence of caution. Firms in most major economies see slow long term growth and uncertainty overgovernment budget and regulatory policies; they continue to cut costs and are proceeding cautiously in the advanced economies. Many continue to face headwinds fromhigh unemployment, cautious consumer spending, constrained credit and growing inflation across a variety of input costs and end products. But this only exacerbatesthe sluggish growth trajectory. By sharp contrast, in many emerging markets, it's as if the Great Recession never happened or they have taken advantage of it. In China,annual purchases of cars and trucks have soared from five million in 2005 to more than 18 million in 2010. In the U.S. and Europe, sales are way off pre crisis peakthe U.S. itit is doubtful that such peaks can be revisited anytime soon Just consider that General Motors Co. sold more cars in China last year than it sold in the U.S.Money has been pouring into the hot emerging economies, boosting inflationary pressures that policy makers are having trouble containing. Currency and commoditymarkets are askew. Policy makers from Brazil to Taiwan are intervening directly in foreign exchange markets to hold down their strengthening currencies. TheInternational Monetary Fund estimates that emerging markets could see an annual economic growth rate averaging more than 6.0% in 2011 and 2012, while the world'sadvanced economies will struggle to grow at rates under half of that While enjoying the fruits of such rapid growth, developing countries face risks from this period ofunbalanced growth. One threat is overconfidence, a key ingredient in the technology and housing bubbles that plagued the global economy during the past decade andin the financial excesses in Asia in the 1990s. Money flows and asset prices reflect such confidence. Second, policy makers in the fast growing emerging world hands at modulating policy. Many are having a hard time stemming such asset price increases, or fermenting inflationary pressures.

US home building stuck near 50 year lows...

Policy makers are woto find a way to let declare bankruptcy anout from under including the pension

promised public work

Emerging Mkt Borrowers Tap U.S. in Issuance SurgeBorrowers from China to Brazil to Nigeria are boosting dollar-

bond sales, taking advantage of investor demand for assets fromthe fastest-growing economies amid growing concern that U.S.

junk debt is overpriced. Nigeria is offering $500 million of 10-year debt in its first international bond sale. Petroleo BrasileiroSA raised $6 billion yesterday in Brazils largest corporate debtoffering.Emerging-market borrowers are poised to raise at least$13.9 billion in the U.S. corporate bond market this month,compared with the record $19 billion in October. . .

How Much Have the Central Banks Distorted the MThe Fed has been the prime agent of stimulus for both the econoand the markets

The latest gain in existing home sales owes, in large part, to a pickupin sales of distressed properties.

Potholes Gape From Los Angeles toNew York as US Stimulus Fades

Gold Falls to Two Month Low as Wealth Protection Demand, ETP Assets Drop

IMF Raises 2011 Global Growth OutlookBut Instability Threatens RecoveryThe uneven global recovery continues apace but sovdebt and financial sector risks, particularly in Europethreaten global stability, the International Monetarysaid Tuesday.

Many firms continue cost cutting Muni Bond funds are gushing

net withdrawals climb

Japan, the third largest econothe world after the United Sand China, was downgraded leading credit ratings agencThursday, in a sharp reminder oseemingly intractable debt lthat are plaguing many ofworlds developed, and often growing, economies.

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January 26, 2011

In This Issue

Headlines and data appearing in The Punch Line came from widely available publications including national and international newspapers, trade journals, economic and industrial bulletins and news websites.

Moving Off the Bottom You Cant Handle the Truth Households?

Numerous questions for a once free-spending sector whose housing andmortgage finance machinery have not just collapsed but are severelydamagedThe previous boom cannot and should not be recreated

Credit Concerns US. Job Growth Complacency in Europe The New Geography of Business The DNA of Business

Media Clips Pumping Iron Real Estate and Construction Will Life Ever be the Same?

On Track Really?Many companies and investors have embraced the improving economic data andpositioned accordingly, although there is an underlying concern regarding a longlist of issues, including the job outlook, the European sovereign crisis, runawaycommodity prices, awkward exchange rate regimes, the ungainly growth inseveral emerging economies, and the overall fiscal position of the U.S. or evenmuni crisis. Imbalances in the growth outlook are plentiful, yet markets continueto dismiss these concerns, focusing better on the massive liquidity still injectedinto the markets, especially by the Fed. Refinancing has become a boon for manycompanies, especially the larger firms. As far as business planning, however,theres plenty of evidence of caution. Firms in most major economies see slowlong term growth and uncertainty over government budget and regulatory policies;they continue to cut costs and are proceeding cautiously in the advancedeconomies. Many continue to face headwinds from high unemployment, cautiousconsumer spending, constrained credit and growing inflation across a variety of input costs and end products. But this only exacerbates the sluggish growthtrajectory. By sharp contrast, in many emerging markets, it's as if the GreatRecession never happened or they have taken advantage of it. In China, annual

purchases of cars and trucks have soared from five million in 2005 to more than18 million in 2010. In the U.S. and Europe, sales are way off pre-crisis peaks, andin the U.S. itit is doubtful that such peaks can be revisited anytime soon Justconsider that General Motors Co. sold more cars in China last year than it sold inthe U.S. Money has been pouring into the hot emerging economies, boostinginflationary pressures that policy makers are having trouble containing. Currencyand commodity markets are askew. Policy makers from Brazil to Taiwan areintervening directly in foreign exchange markets to hold down their strengtheningcurrencies. The International Monetary Fund estimates that emerging marketscould see an annual economic growth rate averaging more than 6.0% in 2011and 2012, while the world's advanced economies will struggle to grow at ratesunder half of that While enjoying the fruits of such rapid growth, developingcountries face risks from this period of unbalanced growth. One threat isoverconfidence, a key ingredient in the technology and housing bubbles thatplagued the global economy during the past decade and in the financial excessesin Asia in the 1990s. Money flows and asset prices reflect such confidence.Second, policy makers in the fast-growing emerging world are old-hands atmodulating policy. Many are having a hard time stemming such asset priceincreases, or fermenting inflationary pressures. (pg 1)

In This Issue (pg 2) The Return to Normal (pg 3) Dimensions of Risk (pg 4) Trust Me on This (pg 5) Engines

Despite the many signals that the recession ended in 2009, there will be ongoingrepercussions from the historic bust, and we worry about the likely contours of therecovery path. And lets not forget that its clearly an international affair (pg 6)

Contact information:

Abe Gulkowitz

phone: 917-402-9039 email: abe@gulkowitz.com

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The Return to Normal !

US Home Prices Remain Weak Moreover, on the aggregatemeasure of the Case Shillerprice tier index, prices have hit new lows at the low end and middle parts of the market. The recent pfalls have been sharpest at the low end of the market.

HY within a Striking Distance to Yield RecordThe ML HY bond index currently stands at 7.14% on a yieldto worst basis, which puts it just 20 bps away from its alltime record of 6.94%, registered in December 2004.

Uneven Global Growth Bed

THE BIG EASY Carlyle Group and KKR & Co. are gettinleveraged loans for buyouts at terms similar to those before thecredit crisis as investors plow record amounts into funds that

buy the debt, driving prices to a three-year high. The privateequity firms are obtaining so-called covenant lite loans, whichlack typical protections for creditors, to back their leveraged

buyouts of CommScope Inc. and Del Monte Foods Caccording to people familiar with the deals.

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Dimensions of RiskDistortions, Distortions, Distortions

GLOBAL INSTABILITY

Crippled US RecoveryEU turmoilMuni pressuresTightening in emerging marketsPressures in Commodity MktsGeopolitical Issues

EU Crisis: Tackling contagion will be Europe's defining moment

Trade war looming, warns BrazilBrazil has warned that the world is on course for a full-

blown trade war as it stepped up its rhetoric againstexchange rate manipulation as a form of veiled exportsubsidy. Guido Mantega, finance minister, said Brazilwas preparing measures to prevent further appreciationof its currency, the real, and would raise the issue of exchange rate manipulation at the World TradeOrganisation and other global bodies. The US andChina were among the worst offenders, he said. This isa currency war thats turning into a trade war.

Weak Yuan as Big a Brazil Worry as Dollar The reals 38 percent gain against the dollar since 2008 has increased

concerns Brazilian industry is losing ground to Chinese imports, whichbenefit from the yuanspeg to the dollar.

GE Results Portend Stronger Ec

Is China a bubble at risk of bursting ?

Cocoa Prices Rise Over Ivory Coast's Export Ban

Spanish bond yields rose and bank stocks fell, indicating theblueprint Finance Minister

Elena Salgado outlined to strengthen the financial system failed to calm investor concerns.

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Trust Me on This

Deadly Rainfall in Brazil Adds to Fastest Inflation in 2 YearsBrazil raises interest rates to 11.25%

Brazil's central bank has raised its key interest rate to 11.25%in a bid to coolinflation in one of the world's fastest growing economies. The rise, from 10.75%, is thefirst under President Dilma Rousseff and central bank head Alexandre Tombini, both of whom took office this month.

President Hu Jintao says inflation won't force yuan appreciation. But maybe it should. Prices are rising at 4.6 percent, and the economy is growing at an above-trend 12 percent. The undervalued yuan is drawing money into China, undermining efforts to tighten.Worries that China may hike its interest rates are driving commodities and thecompanies that produce them lower in the markets

But the rate rises risk sucking in foreign money, adding to pressure on the alreadyovervalued Brazilian real. The central bank warned that the rate hike may be just the startof a series of rises to curb inflation. Capital inflows from outside Brazil have soared asinvestors flee record low rates in more developed countries. The strengthening of the realhas hit Brazil's manufacturers hard because their exports have become more expensive.

Huge Cuts are NeededFederal deficit will hit almost $1.5 trillion this year, a new recordCBO US Budget ForecastsSource: Congressional Budget OfficeBillions of U.S. dollars unless otherwise noted

2011 2012---------------------------------------Receipts 2228.0 2555.0Outlays 3708.0 3655.0Deficit -1480.0 -1100.0---------------------------------------As % of GDP: -9.8 -7.0Receipts (pct of GDP 14.8 16.3Outlays (pct of GDP) 24.7 23.3

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Engine Drivers

Asian exports that helped power the world recoverylast year are poised to grow more slowly as theregions manufacturing rebound eases and U.S.unemployment restrains consumption after a post recession spending spree.

Germany leads way The German economy rebounded lastyear from its worst slump since the Second World War thanks tosignificant contributions from both domestic demand and fromforeign trade, the Federal Statistical Office reported. In real terms,GDP grew by 3.6% last year, the FSO estimated. After adjusting for the number of workdays, that the increase was 3.5%. The full-year estimates suggest that growth remained robust at the end of last year.

Is everyone going tech IPO crazy again?And volatility has died

Year ahead looms as toughes for US state and local budge

US Public Pensions Face $2,500Pension Shortfalls

The Good News the benefits oare relatively low for local govern

NY Gov Cuomo Weighs More T10,000 Layoffs Governor AndCuomo is threatening the largest laNew York state history since the e1990s. The 10,000 to 12,000 propolayoffs would amount to 5% of thwork force.

Other proposed cuts include cutbillions of dollars in aid to publicschools, freezing overall spendingeliminating $2.1 billion from the sMedicaid budget.

China Working Hard to Slow Real estate constructionspending to weaken and many stimulus projects likely toreach completion

US growth still reliant on policy stimulus

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Moving off the Bottom

Although US GDP growth has now been positive for6 successive quarters, unemployment has remainstubbornly stuck at amazingly high levels

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YouCant Handle the TruthLet's Take the Con out of E con omics

Aggressive Ease May Backfire Soon if Not ReversedPhiladelphia Federal Reserve Bank President Charles Plosserwarned Tuesday morning that the Fed's "aggressive"monetaryeasing "may soon backfire" if the Fed does not "begin toreverse" it. Plosser, who will be voting this year on the Fed'spolicymaking Federal Open Market Committee, said that the Fed'slarge scale asset purchase program or quantitative easing(QE) "will need to be reconsidered" along with the Fed'soverall accommodative monetary policy stance if the recoveryquickens or "continues to gain traction."

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Households Brave New World

Housing starts declined in December, 4.3% to an annualizedpace of 529,000 units from 553,000 in November (previously555,000), which is a disappointment.

Big Increase in Existing Home Sales An increase inthe number of foreclosed homes in December may account for someof the drop in home prices. Foreclosed homes are frequently sold atsignificantly lower prices than homes for comparable non-distressed

properties. The percentage of distressed homes accounted for 36% of the market share in December, up from 33% in November, and 32%in December 2009.

The impressive increase in new home sales in December is mainlydue to the rush to beat the deadline of a tax credit in California.Without that boost, new sales would have been broadly unchanged.

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Credit Matters

Europe's woes Euro high gradecredit spreads are now wider than UShigh grade spreads for the first time ever

A strange contagion - corporates keep tighteningDespite the relentless climb in SovX and senior financial spreads,corporate spread behaviour has been completely the opposite.

Spreads for many "core" corporates in Europe have continuedto tighten over the last few months. In fact, corporate spreads have

been negatively correlated to the iTraxx Senior Financials indexsince Ireland's bail-out. This marks a radical departure from whatwas observed around the times of Bear Stearns, Lehman andGreece's bail-outs, when the correlation between corporate andfinancial spreads was generally very high.

Business loans Investors are directingrecord sums of cash once again to loans

Japan has hit a critical where it risks losing iconfidence if politiciansreach agreement on how to

the ballooning national dcabinet minister has warned

face a dreadful dream that the long-term interest raterise, Kaoru Yosano, tminister for economic an

policy, told the Financial Timwe have to be very careensure the credibility economy and the credibility

government. His stark chighlight government determto introduce a sweeping rethe tax system that would inhike in the 5 per cent constax

SEC OKs asset-backed securities discloU.S. securities regulators adopted new rules on Thuraim to give investors better information before they invest in asset-backed securities, a market still strurecover from the financial crisis. The two rules, requilast year's Dodd-Frank financial reform law, are deaddress issues that arose in the financial crisis when lost money on securities backed by subprime mortgaThe first rule, which was approved unanimouslySecurities and Exchange Commission, aims to give inway to review the track record of asset-backed issuers l

of America. Specifically, the rules would let investorsoften the issuers were asked to buy back assets suchlinked to toxic mortgages because they failed to underwriting criteria laid out in the prospectus. Issuealso need to disclose how often they fulfilled the rerequests from investors. The second rule approved byon Thursday would require issuers of asset-backed secconduct a review of the loans underlying the securdisclose it to investors.

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U.S. Job Growth

TWO MEASURES OF US UNEMPLOYMENTDec. May June July Aug Sept Oct Nov Dec2009 2010 2010 2010 2010 2010 2010 2010 2010

---------------------------------------------------------------Normal 9.9 9.7 9.5 9.5 9.6 9.6 9.7 9.8 9.4%Broad Measure U6 17.2 16.6 16.5 16.5 16.7 17.1 17.0 17.0 16.7%---------------------------------------------------------------U3 Normal Unemployment Rate The popular measure Total unemployed, as a percent of thecivilian labor force (official unemployment rate.)U6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed parttime for economic reasons, as a percent of the civilian labor force plus all persons marginally attachedto the labor force.The number of persons employed part time for economic reasons (sometimes referred to as involuntarypart time workers) was little changed over the month at 9.0 million. These individuals were workingpart time because their hours had been cut back or because they were unable to find a full time job.The number of workers only able to find part time jobs (or have had their hours cut for economicreasons) declined slightly to 8.972 million in November. This has been around 9 million since August2009 a very high level.

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Complacency in Europe?

The Portuguese economy is expected to contract this year under the weight of heavy

budget cutting before eking out a modest recovery in 2012, the Bank of Portugal said inits most recent economic bulletin published. The central bank predicted the economywould shrink by 1.3% this year before returning - just barely - to growth, with a rate of 0.6%, in 2012. The expected recession in 2011 would represent a swing of 2.6

percentage points in GDP from estimated 2010 growth of 1.3%.

No Plan on table to solve crisis But while there is encouragement to be taken from the fact that policymakers hav

started to think about more radical solutions to the regiofundamental problems, we are far from convinced that any of thproposed plans would bring the crisis to a close.

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The New Geography of Business

Chinese automobile sales to dealerships rose 32.37%to 18.06 million last year, cementing the country'sposition as the world's largest market for car sales ,the official Xinhua News Agency reported Monday. Salessignificantly outstripped the 13.64 million units shipped lastyear, when China surpassed the U.S. as the world's largestmarket for auto sales, driven by significant governmentsubsidy support and sustained demand. Xinhua cited datafrom the China Association of Automobile Manufacturers(CAAM) as showing that sales rose 17.9% y/y in December to1.67 million units.

Record auto output in MexicoDomestic sales remain 20 percent below 2008 levelsAn industry association says Mexico's automobileproduction rose by 50 percent to a record 2.26 millionvehicles in 2010, on a 52 percent increase in exports of carsand light trucks. Mexico exported 1.86 million vehicles in2010, 1.27 million of which went to the United States. TheMexican Automobile Industry Association calls that "arecord in the history of the automobile industry in ourcountry," but says expectations for 2011 "should be takenwith caution, because of uncertainty about the recovery inour principle markets." The association said Tuesday thatsales in Mexico's domestic market recovered 8.7 percent ascompared to 2009, reaching 820,406 vehicles in 2010. Butdomestic sales remain 20 percent below 2008 levels.

Japan Households No Confidence Japan Consumer Confidence Index slides again 40.1 Vs Nov 40.4TOKYO Japan's Consumer Confidence Survey index fell to 40.1 in December from40.4 in November, posting the sixth consecutive monthly drop, on lingeringconcerns about job security, the Cabinet Office said. Consumers continued tobelieve it was not the right time to buy durable goods, also hampering a recovery inconfidence, the survey showed. Meanwhile, the growth outlook for the current fiscalyear was hiked to 3.3% from 2.1%, mainly due to revisions of past GDP statistics.

Japan Budget nightmaresThe main point of contention could bewhether the government goes forwardwith a plan to hike the consumption taxor begins the process of reigning inspending.

GM's China sales pass US for first time in history...

Latam exchanges can punchabove their weightLinking the stock exchanges of Colombia, Peru and Chile shouldcreate a single bourse for a $500

bln combined economy. That's 1 pct of world GDP, giving thegroup the scale it needs to attractdirect and portfolio investment

JAPAN In the BOJs latest Regional Economic Report, released onJanuary 17, economic assessments were revised downward in sevenregions due to a falloff in consumer durables demand following asurge driven by government stimulus.

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The DNA of BusinessWorkouts to Define Recovery

The future of TVThe one thing we do know is that thefuture of TV will be a mixture of technologies and delivery methods,which is another reason why we're usurehow successful these approaches will

be. The problem is that they fragmentour content and create silos, eachhoused within its own application.TiVo, Google and Microsoft's approachseems more sound because they eachattempt to aggregate all the sources intoa single universally searchableinterface. The cable companies haveexpressed their hatred for this approach,claiming it undermines their businessand devalues their product. All that

being said, we do think this could be agreat step in the right direction towardsconsumer choice in both hardware andsoftware, but remain somewhatskeptical until some of these companiesactually deliver.

Atlantic Citys casino gambling revenue fell9.6 percent in 2010, the New Jersey seaside resortssecond-worst annual decline as it competed with newcasinos and expanded gaming in nearby states. Betting

proceeds dropped to $3.57 billion, after 2009s record 13 percent drop, the New Jersey Casino Control Commissionsaid today on its website. Annual revenue at the 11casinos slid 9 percent from a year earlier to $2.48 billionfor slot machines and 11 percent to $1.09 billion for tablegames. The second-biggest U.S. casino market after Las

Vegas has posted four straight years of declines since peak gambling revenue of $5.2 billion in 2006 -- beforePennsylvania and Yonkers, New York, allowed slotmachines. Since then, new casinos have opened inPhiladelphia and Bethlehem in Pennsylvania, as well as inDelaware and Maryland, and table games have been addedin Pennsylvania and West Virginia.

New world of retailingthe internet nearly half of the gain in core sales since the recession trough hasbeen in nonstore retailers.

EasyJet is a poor omen for airline resultsTravel disruption, lower non ticket revenue and highfuel prices trashed full year profit estimates for theUK low cost carrier. Rivals face similar pressures,and EasyJet could make a comeback. But investors areunlikely to give its rookie management much benefit ofthe doubt.

Current challenges for food companies how tomanage commodity hedges and how much of the rising coststo pass through to consumers, particularly for some of thesmaller firms

AMAZON.COM HIRING FOR A COMPANY WIDEHOME GROCERY DELIVERY SERVICEAmazon.com is recruiting staff to grow its Seattle based AmazonTpilot program. The free weekly scheduled home delivery service, withno minimum purchase, is currently offered to Seattle customers.

Smartphones and Tablet PCs: Shaking Up the IT Sector

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Media Clips

Automakers to rev up ad spending in 2011Automakers stepped on the gas when it came to advertising duringthe U.S. industry's comeback last year and the spending will onlyaccelerate in 2011 as sales rise and companies tout their newestvehicles. With U.S. auto sales up more than 11 percent to about11.6 million cars and light trucks last year, and optimism runninghigh that sales could grow another 12 percent in 2011, consumerscan expect more car ads -- especially on TV and the Internet --trying to lure them to dealer showrooms, top auto and mediaexecutives said. "Over the holidays, every TV commercial break had an ad for a car," said Brad Adgate, senior vice president of research at ad buyer Horizon Media. "They were ubiquitous. Insome cases, you had more than one car commercial in a pod. I wasstaggered by it. The growth is even more pronounced on theregional level as local broadcast TV advertising through the firstnine months of last year surged 74 percent to almost $701 million,according to trade association TVB.

Super Bowl Ads The Cars Battle it Out That is because theautomotive industry could be buying the most commercial time of any advertiser category during the game, vying with beverages and

movies for the top spot. There may be as many as nine car brands peddling their wares during what is typically the most watched television program of the year, from economy makes like Chevrolet,Hyundai and Kiato luxury marques like BMW and MercedesBenz.

Over the past few years, theater exhibitors have takenadvantage of the shift away from traditionaladvertising media by selling increased amounts of adspace prior to a films start.

Commercial time in the Super Bowl has beencreeping up over the past decade, culminating inalmost 48 minutes' worth of ads and networkpromotions during last year's game, according toa study of Super Bowl advertising from 2001through 2010 by Kantar Media.

Small Bookstores Struggle for Niche in Shifting TimesTake to the Internet? Sell coffee andmuffins? Independent bookstores arelooking for the right balance as even a giantlike Borders finds it difficult.

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Pumping Iron - Old Economy New Challenges

China Even with strong growth in demand from theworld's largest car market, the rush to build new plants couldcause overcapacity and big problems for the auto industry.

Ocean container carriers face overcapacity for at least another 12 months asthe supply of new ships outpaces slowing c argo demand, an industry analystforecast. The global container ship fleet will expand by an average annualrate of 8.7 percent over the next two years, with 1.2 million 20 footequivalent units due to be delivered in 2011 and 1.33 million TEUs in 2012,Paris based Alphaliner said. This falls short of the average annual 1.37million TEUs of deliveries in 2006 2008 but "the level of capacity additionsremains a key concern for the industry," Alphaliner said.

Global Paper Pulp with high shipment volumes, a substantialboost in buying by China, lower inventory levels, and stableprices.. . After spiking to a record high $1,020/tonne in June July2010, the US price of benchmark NBSK pulp fell $60/tonne, to$960/tonne in December 2010. The price held steady at this levelin January 2011.

Boeing: A Balance Between CycleStrength and 787 Challenges

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Real Estate and Construction Outlook

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Will Life Ever Be the Same?

This publication is provided to you for information purposes and is not intended as an offer or solicitation for the purchase or sale of any financialinstrument. The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and itsaccuracy cannot by guaranteed. The views reflected herein are subject to change without notice. No one connected to this publication accepts anyliability whatsoever for any direct or consequential loss arising from any use of this publication or its contents. This publication may not bereproduced, disseminated, distributed, in whole or in part, for any purpose without express permission from TPL Advisory, LLC. Please cite sourcewhen quoting. All rights are reserved.

This publication is provided to you for information purposes and is not intended as an offer or solicitation for the purchase or sale of any financialinstrument. The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and itsaccuracy cannot by guaranteed. The views reflected herein are subject to change without notice. No one connected to this publication accepts anyliability whatsoever for any direct or consequential loss arising from any use of this publication or its contents. This publication may not bereproduced, disseminated, distributed, in whole or in part, for any purpose without express permission from TPL Advisory, LLC. Please cite sourcewhen quoting. All rights are reserved.