Econ Advisory September 19, 2017

Portfolio Performance

S&P 500

Portfolio Highlights Alphabet to invest $1B in Lyft Will announce end to first click free policy, will stop penalizing websites who opted out Constellation Brands P/E at the subsector average, below the S&P average Ingersoll Rand acquired a compressor business in Maine Chevron to divest 64.5k acres in Permian Basin to a private upstream company; exit from nonprofitable businesses to improve cash flow Cloudistics to sponsor Splunk conference Salesforce to invest $50m in AI companies

Econ / Market Summary Economy: M&A: Scandal: Other: Fed announcing its unwind of the balance sheet Stocks reach record high Gold near yearly high M&A: Roku to IPO, valued at about $1.1B to $1.3B DowDupont to split into $40b, $20b, and $14b from the advice of consultants and activist shareholders Scandal: Details surrounding Facebook’s involvement in election ($100k from Russian Ads) Equifax: unknown extent of damages done to143m consumers Other: Bitcoin continues to sink, as China cracks down

Upcoming Events Market’s reaction to Fed meeting Meeting to discuss NAFTA in Toronto on Sunday SIC Events… Industry group meetings and opportunities to lead Activities Fair Moelis & Co. Tomorrow night Fidelity next Tuesday