https://www.legacytrustcompany.com/our-team-gallery daily 0.75 2017-10-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301459044-LL2E5UJEHB5D5B4K1ITD/Headshot-Holly-2015.jpg Our Team Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301459044-LL2E5UJEHB5D5B4K1ITD/Headshot-Holly-2015.jpg Our Team Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301459159-U8TOGA1WZNEF7JL9BXTS/Headshot-Kristi-2015.jpg Our Team Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301459447-TG7SB0MCFP6M28KHCNH4/Headshot-Kristin-2015.jpg Our Team Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301459746-9DIJ9H3Y1U162OQCRO1X/Headshot-Marty-Flack-2015.jpg Our Team Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301485767-QEZ4O866Q528GWKRULO0/Headshot-Susan-2015-e1454090797142.png Our Team Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507301460354-EOX7DEU6CC669B7XT29O/Rodney-McLauchlan.jpg Our Team Gallery https://www.legacytrustcompany.com/new-gallery daily 0.75 2017-10-05 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507223685784-SWBBDSQZZAM8637INWVP/house-fire-1548280_1920.jpg Questions - Is my family prepared to handle change? https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507223685784-SWBBDSQZZAM8637INWVP/house-fire-1548280_1920.jpg Questions - Is my family prepared to handle change? https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507223950161-FCCE1A41AFE4U487VUPK/stock-624712_1920.jpg Questions - Is my wealth protected against changes in the market? https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1507223966994-UYW6F7HUP30YCJD1E1F9/cottage-1550083_1920.jpg Questions - Do the strategies we put in place free up our time so we don't have to worry about it? https://www.legacytrustcompany.com/home daily 1.0 2023-12-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1514958560533-LHOHEEUW88R45645JLL2/pexels-photo-121848+%281%29.jpeg Home https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1515422364472-SS2QMU06NTCWN6H92VUQ/pexels-photo-235994.jpeg Home https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533760094996-WWAN4WJ0Z4RUY2VRR6H4/Diamonds2.jpg Home https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d6d76fe4-79e3-4a83-b0e8-76da85274523/Untitled+design+-+2023-12-01T101110.213.png Home - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/66b997c9-6b85-4eda-94c3-8bab1591c92a/Ne.png Home - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/blog daily 0.75 2022-09-19 https://www.legacytrustcompany.com/blog/2022/9/19/legacy-trust-company-recognized-by-the-jacksonville-business-journal-as-fastest-50 monthly 0.5 2022-09-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/18563ab4-6b73-4675-9b45-00dbdb312754/lt3874.jpg Blog - Legacy Trust Company Recognized by the Jacksonville Business Journal as Fastest 50. - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1663585081116-5QM73I1IUFQK0URJ63BH/lt275.jpg Blog - Legacy Trust Company Recognized by the Jacksonville Business Journal as Fastest 50. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1663585111549-Z4WUDWEVPW1NF4XKSLA2/lt395.jpg Blog - Legacy Trust Company Recognized by the Jacksonville Business Journal as Fastest 50. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1663585127968-4I5MQIFI7ABFB7OFRQ4S/lt357.jpg Blog - Legacy Trust Company Recognized by the Jacksonville Business Journal as Fastest 50. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1663585462616-9WZYC7YD61MFSCAKBALG/Untitled+design+%2886%29.png Blog - Legacy Trust Company Recognized by the Jacksonville Business Journal as Fastest 50. https://www.legacytrustcompany.com/blog/2022/3/10/3rd-annual-ceo-build-benefitting-beaches-habitat-for-humanity monthly 0.5 2022-09-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2cc71cf6-b953-4106-880a-6100157b4e05/%3D+%2862%29.png Blog - 3rd Annual CEO Build benefitting Beaches Habitat for Humanity - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/5d2c6071-20df-42b9-a4a1-9b6325ddcb2e/%3D+%2864%29.png Blog - 3rd Annual CEO Build benefitting Beaches Habitat for Humanity - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0d0afb09-d5a5-4159-973a-16bb714d7e8f/%3D+%2863%29.png Blog - 3rd Annual CEO Build benefitting Beaches Habitat for Humanity - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/blog/2021/11/16/2021-best-places-to-work-legacy-trust-family-wealth-offices monthly 0.5 2021-11-16 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/dcf86df1-a77f-4897-bce0-f454c025f14e/image-asset.png Blog - 2021 Best Places to Work: Legacy Trust Family Wealth Offices - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/blog/2020/7/8/business-leaders-tune-out-the-noise-and-amplify-what-matters monthly 0.5 2020-07-08 https://www.legacytrustcompany.com/blog/2019/5/20/the-uncommon-average monthly 0.5 2019-05-20 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1558366490375-HQUHP864UZVWUXCZIIII/The+Uncommon+Average+5.jpg Blog - The Uncommon Average In US dollars. S&P data © S&P Dow Jones Indices LLC, a division of S&P Global. Indices are not available for direct investment. Index returns are not representative of actual portfolios and do not reflect costs and fees associated with an actual investment. Past performance is no guarantee of future results. Actual returns may be lower. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1558366630152-J51XECYTL0KDO8XB89KR/The+Uncommon+Average+6.jpg Blog - The Uncommon Average In US dollars. From January 1926–December 2018, there are 997 overlapping 10-year periods, 1,057 overlapping 5-year periods, and 1,105 overlapping 1-year periods. The first period starts in January 1926, the second period starts in February 1926, the third in March 1926, and so on. S&P data © S&P Dow Jones Indices LLC, a division of S&P Global. Indices are not available for direct investment. Index returns are not representative of actual portfolios and do not reflect costs and fees associated with an actual investment. Past performance is no guarantee of future results. Actual returns may be lower. https://www.legacytrustcompany.com/blog/2019/3/27/inversion-of-the-us-bond-yield-curve monthly 0.5 2019-03-27 https://www.legacytrustcompany.com/blog/2019/3/19/getting-to-the-point-of-a-point monthly 0.5 2019-03-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553016603721-SJ5XGCA8FJQ8BLPB9SMJ/What+a+Point+Move+in+the+Dow+Meanspic.jpg Blog - Getting to the Point of a Point Dow Jones and S&P 500 data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. The chart illustrates what a 500-point drop would have been in percentage terms for the Dow Jones Industrial Average on a daily basis. It assumes a 500-point loss took place each trading day from January 1, 1985, to February 1, 2019, and uses daily historical closing values of the Dow Jones Industrial Average to compute the percentage change. Percentage change does not indicate the actual change in the Dow during the period shown. Actual results may vary. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553016849133-6KAPGWGSIOPYWWN5B903/What+a+Point+Move+in+the+Dow+Means+pic2.jpg Blog - Getting to the Point of a Point Dow Jones and S&P 500 data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. MSCI data © MSCI 2019, all rights reserved. MSCI ACWI IMI is the MSCI All Country World Investable Market Index (net dividends). Their performance does not reflect fees and expenses associated with the management of an actual portfolio. Past performance is no guarantee of future results. https://www.legacytrustcompany.com/blog/2018/12/26/tis-the-season-for-volatility monthly 0.5 2018-12-27 https://www.legacytrustcompany.com/blog/2018/11/9/midterm-elections-gridlock monthly 0.5 2018-11-09 https://www.legacytrustcompany.com/blog/2018/11/9/tuning-out-the-noise monthly 0.5 2018-11-14 https://www.legacytrustcompany.com/blog/2018/10/24/behind-the-market-pullback monthly 0.5 2018-11-08 https://www.legacytrustcompany.com/blog/2018/10/3/pga-tour-announces-2019-webcom-tour-schedule monthly 0.5 2018-10-03 https://www.legacytrustcompany.com/blog/2018/10/3/thegolfwire-distinguished-club-awards-annika-invitational-australasia-flash-sale-pga-national-resort-amp-spa-taking-local-global monthly 0.5 2018-10-03 https://www.legacytrustcompany.com/blog/2018/8/8/thrillist-loves-jacksonville-mclaughlin-trump-tariffs-science-on-tap monthly 0.5 2018-08-08 https://www.legacytrustcompany.com/blog/2018/6/7/tit-for-tat-trade-deals monthly 0.5 2018-08-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528400154611-INXP0HHT00QA4HS93LUU/Screen+Shot+2018-06-07+at+3.31.47+PM.png Blog - Tit for Tat Trade Deals https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528400186090-D66H8KT4JBG6J53C1C9L/Screen+Shot+2018-06-07+at+3.31.51+PM.png Blog - Tit for Tat Trade Deals https://www.legacytrustcompany.com/blog/2018/7/26/rotary-club-recorder-honor-residents-at-25th-annual-local-heroes-awards monthly 0.5 2018-08-08 https://www.legacytrustcompany.com/blog/2018/7/26/ccpvb-holds-annual-home-art-tour monthly 0.5 2018-08-08 https://www.legacytrustcompany.com/blog/2018/7/26/legacy-trust-family-wealth-offices-takes-founding-partner-role-in-webcom-tour-championship monthly 0.5 2018-08-08 https://www.legacytrustcompany.com/philosophy daily 0.75 2018-01-30 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1514557190306-675QIGCAN7DW54YTD0UL/savings-2789112_1920.jpg Philosophy https://www.legacytrustcompany.com/images daily 0.75 2018-02-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850322553-LSHITNZHPW92M92BAGPT/Headshot-Holly-2015.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850322553-LSHITNZHPW92M92BAGPT/Headshot-Holly-2015.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850322633-DYU3X6OGIEIR6JPNT012/Headshot-Kristi-2015.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850323089-KC4BZ5YSBM2WKWY709FE/Headshot-Kristin-2015.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850323264-K1LJEKPH06SJSIWJH51Z/Headshot-Marty-Flack-2015.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850325466-5BMAFGPN0FPCJAVAA5IE/Headshot-Susan-2015-e1454090797142.png Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516850323607-ZIOT9Y45GV9GX0M118BX/Rodney-McLauchlan.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1517939629028-YCJLDI9601ODTVOH2QZ7/Headshot-Chord-McLaughlin-2015-319x383.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1517939629161-FWYCKPZ0JPBQNEJTCKV8/Headshot-James-Tronti-2015-e1454984651450-322x383.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1517939629229-O8RPI1ITMI7M80EYYAJI/Headshot-Natalie-2015a-319x383.jpg Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1517939634882-T340YE6XY7LFFFT10DZE/Headshot-Suzanne-2015-e1453856385653-319x383.jpg Images https://www.legacytrustcompany.com/case-studies daily 0.75 2018-01-25 https://www.legacytrustcompany.com/case-studies/2018/1/25/sells-family-business monthly 0.5 2018-01-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516895628902-9HS6CGUW86C02PZ345H3/Case-Study_Sells-Fam-Biz-copy.jpg Case Studies - Sells Family Business https://www.legacytrustcompany.com/case-studies/2018/1/25/recently-widowed monthly 0.5 2018-01-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516895534075-QUTZWKK6VOKNBJQ5OO3D/Case-study_Recentl-widowed-copy.jpg Case Studies - Recently Widowed https://www.legacytrustcompany.com/case-studies/2018/1/25/newly-retired-executive monthly 0.5 2018-01-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516895471687-71YGCCSVADPDQ2CMAEU3/Case-Study_Newly-Retired-Exec-copy.jpg Case Studies - Newly Retired Executive https://www.legacytrustcompany.com/case-studies/2018/1/25/family-foundation monthly 0.5 2018-01-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516895325954-4M3XORY36FHFVVO7SH2C/Case-Study_Famil-Foundation-copy.jpg Case Studies - Family Foundation https://www.legacytrustcompany.com/case-studies/2018/1/25/entrepreneurial-success monthly 0.5 2018-01-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1516895132538-03R55J4SAC5C18TJQIQO/Case-Study_Entrep-Success-copy.jpg Case Studies - Entrepreneurial Success https://www.legacytrustcompany.com/services-gallery daily 0.75 2020-08-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540415315-N33OHXHVSWM6Z3YWRQKH/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540415315-N33OHXHVSWM6Z3YWRQKH/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540418326-6Y9J2XSIGRQO4ECDNDY5/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540421289-R46SADJX8J6GVG2R555U/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540423815-JQPU8JAZEN02ZPF4P1CM/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540426159-U4JWOKP1RGND3L0OKH8D/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540428270-HUPM6HW5AOS8MEWGO7FS/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540430963-TEXUOFEHXVAWXLLJ2WBV/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540433165-O9OTICPGU48ZK19S6JCR/service.png Services Gallery https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540435748-SCVP88QMB7UBUK9VWN7H/service.png Services Gallery https://www.legacytrustcompany.com/new-headshots daily 0.75 2019-09-20 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027748765-INEQ43CJFL8YKFW975TU/ALP_LT_00032r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027748765-INEQ43CJFL8YKFW975TU/ALP_LT_00032r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027748730-47O6U8XG6FF5ZRH9P43Q/ALP_LT_00048r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027750669-TFSLCA86JDMNT2ZDWQ56/ALP_LT_00083r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027750727-NRWWN9XEKU5Z2MGQFLNO/ALP_LT_00089r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027751132-QU5S4P90E38SNDOIK3AG/ALP_LT_00112r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027752296-NALRIH828J6YZTZHGIB8/ALP_LT_00125r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027752681-GQDWEK85KQ5OD3BU00Q6/ALP_LT_00178r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027754180-ES1FE0MBYE7PMKL0S3R9/ALP_LT_00197r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027755981-9X5YT460ALKRE9ZDS2QY/ALP_LT_00266r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027757766-1U5SESXP4SF2I4FI6GGK/ALP_LT_00279r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027757924-AQAYNW96HV212EOB3CK3/ALP_LT_00299r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027758926-GEXQF5SISYJFZU6BGZ8W/ALP_LT_00305r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027759522-N5SW8T14G2046Y77BCP5/ALP_LT_00404r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027760032-ZN6RXWYZWRC4VDE36CIL/ALP_LT_00418r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027760969-S4R47K3M3A1C844LKKCW/ALP_LT_00428r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027762024-U7PN58474IFUBCYM4MEB/ALP_LT_00439r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027763052-W7ZRU5B6BRGU80Z20D7C/ALP_LT_00495r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027763533-URYE7EKXEE0H6W9AHGCQ/ALP_LT_00508r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027764481-G7OGCQPRHEDPA2UA07PH/ALP_LT_00530r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027764983-R4XJ8TANKL9YHD9U8E5S/ALP_LT_00544r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027766193-YUXP2LBX5RKX7ZV022FJ/ALP_LT_00579r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027766588-5TN13MW88CWI74E15DEN/ALP_LT_00583r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027767778-SH31NBJVNHIZA7A884SX/ALP_LT_00596r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027768359-JC7AKKN0PDRAVQ8R9VDD/ALP_LT_00611r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027770505-GDUF4UWSDDXBTAG2NF9U/ALP_LT_00664r.jpg New Headshots https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523027770306-NTNYGLTFWMPFH3ISVGI4/ALP_LT_00689r.jpg New Headshots https://www.legacytrustcompany.com/casual-gallery daily 0.75 2026-02-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1711639778909-F1CXYMSH5WYBPE6A7GMK/ALP_LT_00530r2+%281%29.jpg Casual Gallery - Kristin McLauchlan Chief Executive Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1711639778909-F1CXYMSH5WYBPE6A7GMK/ALP_LT_00530r2+%281%29.jpg Casual Gallery - Kristin McLauchlan Chief Executive Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1570475082132-09UY0YGOPW9AQQGECTND/ALP_LT_00596r2+%281%29.jpg Casual Gallery - Rodney McLauchlan Chairman of the Board https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1711640136241-G4IA3J12H7LBHOU8O49H/ALP_LT_00305r2+%281%29.jpg Casual Gallery - Kristi Quick Chief Administrative Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1570475162877-XOG9YZ7RGXNBQ36FZ28U/ALP_LT_00197r-edit+%281%29.jpg Casual Gallery - Holly Tyrrell CFP® Family Partner & Life Strategist https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1711640097802-ISU9DNEZ44HRK347Q88V/Natalie+full+2019+%281%29.jpg Casual Gallery - Natalie Johns, CTFA Chief Family Strategy Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1706309695096-6DJPJ6C5N09HSY58H21Y/Untitled+%282+x+3+in%29.png Casual Gallery - Susan Tronti Chief Partner & Aging Advocate https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1761319383112-8HM1RGRFPCITC8LX3DEW/ALP_LT_00299r-%281%29-edit+%281%29.jpg Casual Gallery - Chord McLaughlin CFA® Chief Investment Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1570476222360-ZQNMN8V6MGKUC94CFPEF/Debbie+full+2019.jpg Casual Gallery - Debbie Burchette Ambassador of Kindness https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1593704370403-UAG1JFURBH2XD6E359ZP/ALP_LT_00048r-edit+%281%29.jpg Casual Gallery - Jill Lineberger Family Partner & Trust Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1636576585265-KSDUBNYIMKGOO02F85HS/IMG_9486-Carol+Pochon.jpg Casual Gallery - Carol Pochon Family Experience Team Partner https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1644263227795-RZHQK6PUSVLQDX85R18X/Flyers+%284.6+x+6.9+in%29+%282%29.png Casual Gallery - James Tronti Chief Operations Officer https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1711640416064-EO6VA0G98KQYK5VT26A0/Untitled+design+%2835%29.jpg Casual Gallery - Jessica Bui Family Experience Team Partner https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1523034379182-7ES4X8M0UDO3U23RWBBA/ALP_LT_00048r.jpg Casual Gallery - Suzanne Blake Associate Director, Operations & Compliance https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1761319487851-8QUHPNZBYW2D3FA4CUT0/image-asset.png Casual Gallery - Annie Healy Family Partner https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1761319409899-VISR0913A0LM3JARZEZV/_BAP7751-Edit.jpg Casual Gallery - Jayden Diaz Family Partner Associate https://www.legacytrustcompany.com/charts daily 0.75 2018-08-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228296342-SWBVN13MPBDEJAR3M65N/Charts+Updated-12.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228296342-SWBVN13MPBDEJAR3M65N/Charts+Updated-12.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228299362-DNXIHN0V7JT2FLELMWX6/Charts+Updated-13.jpg Charts - Forward Returns Increase The 10-year U.S. Treasury Yield has firmly breached the headline-grabbing 3% threshold to 3.1% - the highest level since 2011. It is important to remember that rising rates – although painful over the short-term as bond prices move inversely to yields – are beneficial to fixed income investors over the long-term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228300011-XEQ7J97604V897WGN0E7/Charts+Updated-14.jpg Charts - The Current U.S. economic expansion is now the second largest in post-war history (107 months) This month, the current U.S. economic expansion reaches the 107-month mark, making it the second longest economic expansion on record. The next milestone is 13 months from now – June 2019 – at 120 months and it is looking increasingly likely that this expansion will continue for more than a year and set the new record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228298452-WWOW8DPELYLKK6I77QV9/Charts+Updated-15.jpg Charts - 2017-18 Trend In Global EPS Much Stronger Then In Prior Years Earnings revisions have been on a strong upward trend since mid-2017. With first quarter earnings season wrapping up, companies have exceeded approximately 80% of analyst earnings estimates; therefore, providing an even higher growth rate than what was anticipated for earnings. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228298656-RLE63APTUDDTXBNEVC4M/Charts+Updated-16.jpg Charts - Coordinated Growth Global growth has stepped up in a synchronized fashion. Nearly all countries tracked by the Organization for Economic Co-operation and Developed (OECD) are recording positive growth rates – the first time since the global financial crisis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228299216-KCKHIAW33Z4QCUKN8KLJ/Charts+Updated-17.jpg Charts - Volitatiy Reemerges In The Market Equity market volatility as measured by the volatility index (VIX) remained tepid throughout 2017. The market’s reaction to inflationary fears, increasing interest rates and a potential trade war has led to volatility roaring back in 2018. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228295978-WXJFZ4K21B9MQAKJCTKR/Charts+Updated-19.jpg Charts - Comparing Size of Tariffs With Incremental Fiscal Policy The markets are conflicted between the benefits of tax reform and the turbulence of tariffs. The size of fiscal stimulus, driven by tax reform, dwarf the size of tariffs announced thus far. Nevertheless, tariffs and the potential for trade war have been a destabilizing factor for the markets and will likely continue to be until we gain further clarity. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528464744074-9OBYKMSL0QXA0330AYWY/Charts.jpg Charts - Headline GLI vs. Global Industrial Production Goldman Sach’s proprietary indicator, called the Global Leading Indicator (GLI), meant to provide an early signal of the global industrial cycle is showing signs of weaker growth in global industrial production. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228295314-DYHQCTV1Q84TL2JVSWI1/Charts+Updated-21.jpg Charts - Advance Goods Monthly Trade Balance The announced steel and aluminum tariffs have now gone into effect. Going forward, a 25% tariff will be placed on steel imports and a 10% tariff placed on steel imports. These tariffs are due in large part to the material trade deficit that the U.S. has – particularly with China. The monthly trade deficit for January widened to a 9 ½ year low likely adding more fuel to President Trump’s agenda of fair trade. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528464975427-OE4GHSUL6GL9KBFICLUM/2.jpg Charts - Profit Margins Have Been A Key Driver Or Earnings Growth Expansion of profit margins have been a key driver of earnings growth in the U.S. since the global financial crisis. Should the Federal Reserve continue to raise rates and wage growth continue to grow, profit margins will likely come under pressure. Stronger revenue growth will need to offset this dynamic in order for earnings to continue to grow strongly. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465041910-9DO6M41BRRBUY2J1BV50/3.jpg Charts - Corporate Earnings Revision Ratios, 2008-2018 We have witnessed a sharp acceleration in U.S. earnings upgrades as analysts have factored in the impact from the tax cuts and fiscal stimulus. The ratio of analyst upgrades to downgrades for U.S. large caps has spiked to the highest level since the data series started in 1988. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465092785-Z1UTOOY60NDKCTVUGM65/4.jpg Charts - S&P 500 Index Pullback in perspective. The recent market correction has put the markets back on the trajectory of the last two years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465162728-YQB39DQAZF6IQGHTKGHW/5.jpg Charts - C.S. VelocityShares Inverse VIX Short-Term ETN The dangers of “following the crowd” and chasing the latest trends are illustrated in the following chart. Strategies that provide inverse (e.g. “short”) equity volatility exposure gained significant attraction over the past two years as volatility remained abnormally subdued. As equity volatility spiked to a 2 1⁄2 year high recently, the popular Credit Suisse VelocityShares Inverse VIX Short-Term exchange traded note (ETN) – which had over $1 billion of assets - lost nearly all of its “value” and is now being liquidated by Credit Suisse. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465196508-CEIU4SY31JKJU0LT4TQ7/6.jpg Charts - Buyer Beware Investors piled into equities during the month of January as the set the record for the biggest month of flows into equity funds on record, according to Bank of America Merrill Lynch. Interestingly, there was one group of investors that wasn’t so anxious to buy at these levels: company insiders who must report their purchases of stock in the companies they work for. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465236816-GUCQS7RVCQBQTS7JELUB/7.jpg Charts - US Treasuries vs Bond Volatility U.S. Treasury yields have been under pressure in 2018 while implied volatility is at record lows. This looks quite similar to that seen just prior to the “taper tantrum” in 2013 and could portend the beginning of the fourth bond market tantrum since 2014. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063380916-0GB5UILWLQ7NP6YP2TXZ/LTC+Beyond+the+Box+JPG.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465387169-RU3OPFEBYWLBQQL665OQ/8.jpg Charts - Up or Down 1% Days (2017 is YTD) 2017 was one of the calmest years on record with very steady returns. There were only eight days when the market moved by more than 1% during the calendar year. As the year moved, the calmness grew. None of the eight 1% moves occurred in the fourth quarter. While we believe 2018 will provide another strong set of returns for equity investors, they should be prepared for more heightened levels of volatility to accompany returns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465445414-KSRGXGZGJ6EL8P5IWAI1/9.jpg Charts - Percent Change, Annual Rate Global growth accelerated sharply in 2017 and the upswing became increasingly broad based throughout the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228296143-OEBKMXEICC2USJDGHUBD/Charts+Updated-30.jpg Charts - G3 Policy Rates The Fed continued at a slow and steady pace with three rate hikes in 2017 while the ECB and BOJ stood pat. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465509047-6I25I5F0RBP7C8Y2ZAR8/11.jpg Charts - Sudden Surge Economic data are beating expectations by the most in nearly six years according to Citigroup’s economic surprise index. It’s massive run higher is one sign that the economy has gained momentum this year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465597207-PDDMZLMXLNC428YRE114/12.jpg Charts - Framework for Interaction Between Financial and Business Cycles Broadly speaking, the economy remains in the goldilocks phase of the financial & business cycles. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063255646-S0F6FVZ6SQCQI0A129H1/Charts.jpg Charts - Your Title Here Description https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465661525-ICUVGE2J9NTKFLDF2RQG/13.jpg Charts - Bitcoin’s Meteoric Rise Bitcoin’s meteoric rise in 2017 has been unprecedented; making other market moves that led to eventual bubbles look rather insignificant. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528465807621-EKF2ZP0PYPWA45R6VCV2/14.jpg Charts - US GDP - Quarterly Growth The U.S. economy expanded at a 3.3% rate in the third quarter of 2017; marking the second consecutive quarter of 3% GDP growth and the strongest quarter in 3 years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466102841-UHDQS3VPQTZVV2M9VE32/15.jpg Charts - G20 Economic, Monetary Policy and Credit Cycles for 2018-2019 Charting where the world’s largest economies fall in regards to economic, credit, and monetary policy cycles. A majority of countries continue to expand. However, higher volatility can be expected as we continue to progress into the later stages of the credit cycle and monetary policies become less accommodative. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466157929-M80T5H5WRPNNJ1F3A88F/17.jpg Charts - What Can A Decade Do? How quickly things can change in just 10 years. Once dominated by the major corporate conglomerates, the five largest companies in the world measured by Market Capitalization are all tech companies. An illustration of how disruptive technology has become. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525702434198-WGNONB4WXS1VSP04RLOF/Charts.jpg Charts - Your Title Here Description https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533228295316-7HL13LN2TUNE4MORVLRJ/Charts+Updated-38.jpg Charts - Caterpillar Dealer Retail Sales By Region Synchronized global growth has been the dominating theme in 2017. Caterpillar’s dealer sales by region illustrate this theme as well – with global retail sales rising 13% year-over-year as reported in their third quarter earnings release https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466204228-ANST73QKU77E5GZG7GZQ/19.jpg Charts - GDP Economic cycles don’t die of old age. While the current economic cycle has been unusually long, when comparing the cycle with previous ones in terms of quantity – and not time – reveals an economy with plenty of time (and capacity) left for continued economic growth. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466245929-MBZO75ZRXCP9HXUGBTN8/20.jpg Charts - US Manufacturing Trends Hurricane Harvey & Irma trimmed US economic activity in September, primarily affecting manufacturing output. However, the nation’s economy showed encouraging resilience in a month of disruption as the flash estimate for the broader Manufacturing Index came in at 54.6; comfortably above the 50 point threshold that indicates expansion. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533686116815-I96F56KQKLADL0WRT6TU/2018-08-07+%282%29.png Charts - The Eurozone recovery Is being driven by domestic demand Strong Consumer Confidence, improving labor markets, and low interest rates are all contributing to the domestic demand forces driving the Eurozone’s recovery. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466359752-5FPB0FU3JCKA06S5BDC0/22.jpg Charts - Assets Held By The Federal Reserve The end of an era for unprecedented monetary policy. The Federal Reserve announced on 9/20/2017 that it will start to unwind the easy money policy that it has pursued since the Global Financial Crisis and will begin to allow $10BN of bonds mature every month starting in October. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466404067-2A6R3QAUFQ42FEIW5745/23.jpg Charts - U.S. Output Gap and Business Cycles The output gap – which measures potential GDP, realized GDP, and estimated natural rate of employment – has narrowed; reflecting realized growth that is essentially in line with potential growth. Reaching a low of -6% in 2009, the level of “slack” in the economy has almost been worked-off. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466306052-8K92IHZJ4MUEEED1CK1C/24.jpg Charts - Household's Growing Net Worth Improving home values and rising equity markets propelled the total net worth of U.S. households further into record territory during the second quarter of 2017. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063255144-89G2769GKQVZYP5CQIJ5/2.jpg Charts - Profit Margins Have Been A Key Driver Or Earnings Growth Expansion of profit margins have been a key driver of earnings growth in the U.S. since the global financial crisis. Should the Federal Reserve continue to raise rates and wage growth continue to grow, profit margins will likely come under pressure. Stronger revenue growth will need to offset this dynamic in order for earnings to continue to grow strongly. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063253177-E3ZQ5YGXQ1LBUGVOW3BQ/3.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063252187-FQ2TX73SYYIUNYJ5BVVE/4.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063249869-EW0BB8K7E2ZTUFBAU7R9/5.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063249682-WXOFF5Y12WONVQM8Z4ZR/6.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063240295-F48WNLEERM69EAHOZIFC/11.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063239638-4J8OE1FMBH5UC2XZG21N/12.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063246452-4TUZW8PABUOIFH3WFIJE/7.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063242881-XEV6IV0Y87HB8322RJJI/9.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063237618-VY4VJ2WXZYPXWGUKVCAU/13.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063246140-IGT7CQ1BLB4ZWJFPGNWN/8.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063236933-CWJKLRHXWQ2GUFL8XALR/14.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063234601-IX0HI6NB24B6TL002A13/15.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063234171-VNX3PZGE8J53FOV04OW6/17.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063229577-ZTTWOQPP1DWZQ8MV5ASM/19.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063228204-80E3H9S5AYQPOZR5O1PC/20.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063223859-MOSM2R2TXSB82ATUL1RY/24.jpg Charts https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063224766-SRLB2EKMRSBCGIGGXJDM/23.jpg Charts https://www.legacytrustcompany.com/events daily 0.75 2018-05-06 https://www.legacytrustcompany.com/events/2018/5/6/legacy-trust-tax-talk monthly 0.5 2018-05-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525630750049-QFEHEGKFCIG52779XUZF/IMG_7547.jpg Our Events - Legacy Trust Tax Talk https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525630749887-UWBT68TBNR3VFMCWIOA4/IMG_7560.jpg Our Events - Legacy Trust Tax Talk https://www.legacytrustcompany.com/events/2018/4/21/the-legacy-trust-ponte-vedra-home-and-art-tour monthly 0.5 2018-05-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525628993249-1HVJPDUTC0MNMASP24A2/IMG_8204.JPG Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525628993652-UIS026QHHMFT2T0M1MFB/IMG_8213.JPG Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525628997674-RIQGJUWD2WHHTTY9H83S/IMG_8218.JPG Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525629001472-UCTU4NSK3XHXHQ313R01/IMG_8219.JPG Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525629003285-PPUOYAO0D35DLB1VIBTC/IMG_8221.JPG Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525629007824-KSYE2NTDG8YMSVH2PS9L/IMG_8202.jpg Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525629010128-22O5KCLMG2MZD3AZX2QL/IMG_8206.jpg Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525629017207-8CI32OHN018POWCOBV2U/IMG_8209.jpg Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525629022320-DOVDNWC441XY49CIGVUD/IMG_8215.jpg Our Events - The Legacy Trust Ponte Vedra Home and Art Tour https://www.legacytrustcompany.com/home-test daily 0.75 2018-05-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1525656517860-NMOFYO0D1XKJIEZE389H/shutterstock_529748005.jpg Home Test - Meet The Team Meet us here, then meet us in person. https://www.legacytrustcompany.com/our-events daily 0.75 2018-10-03 https://www.legacytrustcompany.com/our-events/2018/10/3/legacy-trust-celebrates-being-a-main-sponsor-of-the-webcom-tour-championship monthly 0.5 2019-01-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584098035-D74SD99MDM3BVORMBDK3/thumb_IMG_0053_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584117289-9KQQX087ML4TL664Y5B1/thumb_IMG_0034_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584098148-J9HFAE3O7J7F8T9C7GD5/thumb_IMG_0071_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584117361-QWVFQZ1PBCMUPZZYGF0I/thumb_IMG_0039_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584099400-M4LDMGTA406IQWZC7E1T/thumb_IMG_0074_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584119032-S4NEVN8FYN5G32J2F42N/thumb_IMG_0044_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584099611-JK6UUSKFPC1889DJSHH5/thumb_IMG_0077_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584119034-Z2F018QFJHJ3JZ7X3EBH/thumb_IMG_0046_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584100479-MI5KGELH3L9F3GRK4Z68/thumb_IMG_0131_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584119749-RQ6RNTP4GAD5RKD0LDG5/thumb_IMG_0048_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1538584100634-KSTQDNTWASUIWYHJGM7Q/thumb_IMG_0158_1024.jpg Our Events - Legacy Trust celebrates being a main sponsor of the Web.com Tour Championship https://www.legacytrustcompany.com/our-events/2018/9/19/new-office-open-house monthly 0.5 2018-10-15 https://www.legacytrustcompany.com/our-events/2018/6/8/legacy-trust-tax-talk monthly 0.5 2018-07-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466694940-XRW2GRH177HH8ERDV72Y/IMG_7560.jpg Our Events - Legacy Trust Tax Talk https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466695176-G1NFTXFH6LDB7Q6DDCR6/IMG_7547.jpg Our Events - Legacy Trust Tax Talk https://www.legacytrustcompany.com/our-events/2018/6/8/the-legacy-trust-ponte-vedra-home-and-art-tour monthly 0.5 2018-07-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466970442-EOCKLDQ86PVAUEBHMFH1/IMG_8215.jpg Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466970714-CWVQAHK4BHFCUS41QVHI/IMG_8209.jpg Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466971270-4UVKI3NQ3O3GPFYK0A4W/IMG_8206.jpg Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466971405-SQY9S1GKOBKG0L72IMQY/IMG_8202.jpg Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466971778-MITBSLG0NYKZMQ16UXV9/IMG_8221.JPG Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466972025-BA8MHGC7D72EXYOEF4N5/IMG_8219.JPG Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466972512-ZY5X2X8XLIGJXQ3IT6UI/IMG_8218.JPG Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466972647-A6N3ZLU08WDDU0BRXU88/IMG_8213.JPG Our Events - The Legacy Ponte Vedra Home & Art Tour https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528466973271-1UPMVOH82EZINON9BW5J/IMG_8204.JPG Our Events - The Legacy Ponte Vedra Home & Art Tour https://www.legacytrustcompany.com/our-events/2018/7/25/legacy-trust-holiday-open-house monthly 0.5 2018-07-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532554811216-3XXXA15X439L3XEATU0U/IMG_6653.JPG Our Events - Legacy Trust Holiday Open House https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532554809985-NFR2JXD4FPQGQVNMIPNW/IMG_6656.JPG Our Events - Legacy Trust Holiday Open House https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532554814042-P3ZLITP0K80ICM1HG2IV/IMG_6659.JPG Our Events - Legacy Trust Holiday Open House https://www.legacytrustcompany.com/our-events/2018/7/24/medure monthly 0.5 2018-07-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532445955123-IXRXADTC5T4KYTAU3UQK/IMG_6129.jpg Our Events - 15th Anniversary Celebrations https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532445962050-QI0FLW6ECSU88272HNC5/IMG_6144.jpg Our Events - 15th Anniversary Celebrations https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532446014080-9FHVB31UEJRNEQZ9XM8U/IMG_6132.jpg Our Events - 15th Anniversary Celebrations https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571216140-7857230EION73AKGDIJN/IMG_5744.JPG Our Events - 15th Anniversary Celebrations https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571216754-6YA72ZQKQURI5F1NOSQH/IMG_5745.JPG Our Events - 15th Anniversary Celebrations https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571219890-9A8MF92GJV5BHQGP6BBG/IMG_5763.JPG Our Events - 15th Anniversary Celebrations https://www.legacytrustcompany.com/our-events/2018/7/25/webcom-tour-championship monthly 0.5 2018-07-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571307511-2CXMJZSFK1I5YLE6ROMM/IMG_5735.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571308088-O3RA3XT1I7QO79SRXF2V/IMG_5736.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571316900-HTEWXO9LOOLI4HMCUSJD/IMG_5737.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571316508-SCCMXLECLQYVXJKXG2RD/IMG_5762.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571352638-1M9RT6H5HOESPZP8IU1H/IMG_5715.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571349300-W158AENYE1WC88M25HQS/IMG_5717.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571355477-UVLM7MVZBTLLTK485O37/IMG_5718.JPG Our Events - Web.com Tour Championship https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532571358507-DX6A0ZM7D35WXI2CZVEB/IMG_5809.JPG Our Events - Web.com Tour Championship https://www.legacytrustcompany.com/market-reviews daily 0.75 2018-06-07 https://www.legacytrustcompany.com/market-reviews/2018/6/7/first-quarter-2017-market-review monthly 0.5 2018-06-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405192462-DU9CMY2KTF8K4EWPWTV6/First+Quarter+2017+Market+Review1024_1.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405192967-BPKCLI6CEFIIO1XRLODM/First+Quarter+2017+Market+Review1024_2.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405193470-28IFULK3Y1PJJ0NYE282/First+Quarter+2017+Market+Review1024_3.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405193968-YXJVIFET1TWUPXI2RKHT/First+Quarter+2017+Market+Review1024_4.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405195034-R58UTXA3YWL8WQVGYK9F/First+Quarter+2017+Market+Review1024_5.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405195553-VOUHFNJUNQYTJIVMW3HV/First+Quarter+2017+Market+Review1024_6.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405196337-7TAX5LIKFX0L58HW3PZU/First+Quarter+2017+Market+Review1024_7.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405196653-9WA0D22BYJLZN223B1PZ/First+Quarter+2017+Market+Review1024_8.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405198664-N1N4M42388YS369I23JQ/First+Quarter+2017+Market+Review1024_9.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405199063-A6S1LW2VDVQDU81XWK9L/First+Quarter+2017+Market+Review1024_10.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405199197-036H5QQV2PSMZ35TBYEZ/First+Quarter+2017+Market+Review1024_11.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405199593-KPWHETD03OC889RLKI19/First+Quarter+2017+Market+Review1024_12.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405199730-QC34PLT02VARUQWH4Z9Y/First+Quarter+2017+Market+Review1024_13.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405200131-X0PA22SE62QO46OMSKU8/First+Quarter+2017+Market+Review1024_14.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405200373-2SZ5XRZIGO7IRE4AV84R/First+Quarter+2017+Market+Review1024_15.jpg Market Reviews - First Quarter 2017 Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1528405200675-WCBM3XLR3JBLS9K1HS40/First+Quarter+2017+Market+Review1024_16.jpg Market Reviews - First Quarter 2017 Market Review https://www.legacytrustcompany.com/charts-that-matter-feed daily 0.75 2018-08-02 https://www.legacytrustcompany.com/charts-that-matter-feed/2018/7/30/economic-growth monthly 0.5 2018-08-02 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533225338929-HFZIWRWRVASNI6K0A4Q0/Charts+Updated-01.jpg Charts That Matter Feed - Economic Growth https://www.legacytrustcompany.com/charts-current daily 0.75 2025-11-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762871307747-LFZPFOAH7MIG9UTPJJE0/image-asset.png Charts - Current - AI Capex Has Been Historic The Capex driven by the “AI Race” has clearly been historic. In fact, AI related spending has contributed to nearly 33% of economic growth (GDP) in 2025. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1612104966342-A2VIVEHBNOLRSBTVVAB9/image-asset.png Charts - Current - 2021 GDP Growth Projections Rise Economists continue to raise their economic growth forecasts for 2021 with the International Monetary Fund most recently upgrading their growth forecast for the global economy from 5.2% to 5.5%. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762871307747-LFZPFOAH7MIG9UTPJJE0/image-asset.png Charts - Current - AI Capex Has Been Historic The Capex driven by the “AI Race” has clearly been historic. In fact, AI related spending has contributed to nearly 33% of economic growth (GDP) in 2025. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1742999532368-72YWKH6C5UMFGRMWW61Z/image-asset.jpeg Charts - Current - Tides Potentially Turning International markets have surged this year, with European stocks leading the way, defying predictions that Trump's trade war would further harm the European economy and its stock market. Instead, his on again off again tariff announcements have created uncertainty in the US, prompting investors to look at valuation opportunities across the Atlantic. Additionally, Germany's new spending plans and their positive impact on growth and earnings potential have further sparked the rally. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717765798196-4JVUQI7SXT3WX7OSRKAW/image-asset.png Charts - Current - Technology: Transformative & Deflationary Mobile phones have replaced many of our previous everyday items while also increasing individual operating efficiency of users tremendously with their multi-functional nature. This simple, yet informative, graphic also illustrates how technology is a deflationary force over the long term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1605899606501-J3DLX88Z4WSCQN9DNQS5/image-asset.png Charts - Current - S&P 500 Weighting of Top 5 Stocks The winners of today doesn’t mean they will be the winners of tomorrow. Maintaining market leadership can be challenging. The 5 largest stocks in the S&P 500 back in 2000 represent just 8% of the S&P 500 today. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1605215979522-MPU6OJOZKILB8PMA1U92/image-asset.jpeg Charts - Current - The Violent Rotation From Growth To Value The recent positive vaccine news from Pfizer serves as a boost to value stocks that have been beaten-down throughout the pandemic. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1605215755791-ZUEKMVGYP9NWSPQFMB0G/image-asset.png Charts - Current - U.S. Job Openings The number of U.S. job openings climbs back to pre-pandemic levels as the labor market continues to recover. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1604085180422-KY7QFYR734VLYA77XPBH/image-asset.png Charts - Current - Recovery in U.S. Real GDP With historic third-quarter growth, the United States has now recovered two-thirds of the economic output lost due to the pandemic during the first half of the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1602866260161-F407IUTNC56KYVSLPLZO/image-asset.jpeg Charts - Current - Business Cycle Update Fidelity Investment’s Asset Allocation Research team, along with several other firms, believes the U.S. as well as many other major economies have progressed out of the recession and entered the early-cycle recovery phase of the business cycle. This bodes well for investors as equity markets have generated some of the strongest returns in the early cycle phase. Nevertheless, bouts of volatility should be expected as we approach the election and navigate the remaining uncertainties with the virus. Portfolio diversification remains critical to success when faced with uncertainty. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1600374613503-Q5L5WGUVAZOET6OBZ2EZ/image-asset.png Charts - Current - The Fastest Bear Market Recoveries The U.S. equity markets took only 126 trading days to fully recover from the first quarter bear market (defined as a 20% or more decline in prices) – the fastest recovery on record. This also follows the fastest bear market on record as the S&P 500 lost 20% in just 16 trading days during the first quarter. Historically, the faster the decline the faster the rebound and this year is no exception https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1600374086714-OJMU9NM0TQNI9LK0C9F0/image-asset.png Charts - Current - Staying Invested Matters Time in the market is far more important than timing the market. By missing some of the market’s best days, investors can lose out on critical opportunities to grow their portfolio and market timing can have devastating results. By missing out on just the 10 best days in the market from 2000 to 2019 – a period that includes two recessions - an investor’s return would have been reduced by more than half. Even more notable is that six of the 10 best days occurred within two weeks of the worst 10 days for the markets! It’s always darkest just before dawn. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1600373299748-1BW9DEW4N94N80V1DMAA/image-asset.jpeg Charts - Current - Waiting to Buy? It may never “feel good” to invest new dollars into the equity markets. If markets are hitting new record highs, it may feel better to wait for a pullback before getting into the markets. Conversely, if markets have just fallen into correction territory (a drop of 10% or more), it may feel better to wait and see if the markets continue dropping in an attempt to catch the bottom. History reveals otherwise: • After the S&P 500 index has hit all-time highs, the subsequent one-, three-, and five-year returns are positive, on average. • After the S&P 500 has fallen more than 10%, the subsequent one-, three-, and five-year returns are also positive, on average. It is important not to “anchor” your investment decisions based on price levels; recent market performance should not influence the timing of investing. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1598025886418-MPCFHK6A3KWAUTGS46NT/image-asset.png Charts - Current - Economic Data Continues to Exceed Expectations The equity market rebound since March has been supported by U.S. economic data that not only continues to improve in aggregate, but has also exceeded sell-side estimates for nearly the duration of 2020 as illustrated in the Bloomberg U.S. Economic Surprise Index – a measure of economic data reported vs. economists’ expectations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1597350006568-2KZLZDNI7JUJY0N87TOK/image-asset.png Charts - Current - Tech Dominance in S&P 500 Earnings Some concern has been noted regarding the dominance of Tech in the S&P 500 – in terms of performance and also in weighting as the top 5 names account for 21.1% of the S&P 500 market cap. Looking at the earnings power of these 5 companies, however, reveals a picture that justifies high weighting as they account for approximately 16% of the S&P 500 index by earnings. Strong profits generated by selling products consumers want more now than ever, strong balance sheets, loads of cash, stable cash flows, little debt and solid management teams helps justify their strong performance as well. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1597350195952-IMDSG6WOW3UU2OAFPIET/image-asset.png Charts - Current - Resilience in Emerging Markets Emerging Market Growth forecasts have proven much more resilient relative to their developed market peers. Not only are their economies expected to post stronger growth rates, Emerging Market government debt as a % of GDP is half that of developed economies. Prospects for emerging markets look bright on a forward looking basis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1596051915350-PYCQI04A7R51D7VEFJIR/image-asset.png Charts - Current - Continuing Jobless Claims in Decline Continuing claims, which measure those individuals collecting unemployment benefits for at least 2 consecutive weeks, continue to gradually improve. For the week ended July 10th, continuing claims were slightly higher than 16 million, but down 9 million since May, indicating the labor market continues to move in a positive direction, albeit slowly. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1595195356827-NDY0763EJ83E2FW0FUP1/image-asset.png Charts - Current - US Industrial Output Roars Back The streak of upside economic surprises continues. The June industrial production figures topped economists' forecasts, as factory output climbed further. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1594396018393-QS3JT3D5CGSSPQEJ64D2/image-asset.png Charts - Current - Europe Keeps Unemployment Rate in Check Europe has been able to cushion the blow to the labor market through generous furlough programs where governments have provided subsidies to workers for the hours they’re not employed. This allows companies to keep more employees on their payroll without triggering a spike in unemployment. This also allows companies to avoid the costly process of rehiring workers as their economies restart. This is likely a factor in the outperformance of International Developed equity markets relative to the U.S. equity markets over the trailing 2-month period. It will be important to monitor the impact when Europe begins to slowly remove this life support for companies. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1594395931692-930YTLGLJ65XNT878UVI/image-asset.jpeg Charts - Current - Economic Data Exceeding Expectations The Citigroup Economic Surprise Index continues to reach record high levels as economic data has continued to exceed expectations. The index is a measure of economic data reported versus expectations. Measures above 0 indicate economic data has been exceeding analyst expectations. Hitting new records is supportive of the stock market as economic data continues to trend in the right direction (less bad) and exceed all expectations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1594395766282-352QEZUM90638X6MHASH/image-asset.jpeg Charts - Current - Stock Market Industries Impacted the Most The following 5 COVID-19 sensitive industries accounted for less than 10% of S&P 500 operating earnings in 2019. Therefore, the direct impact to the stock market is not as significant as some may think. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1591972021364-W1FX86OFU1WYQAHNP3WW/image-asset.jpeg Charts - Current - Stock Market vs. Economy The stock market doesn’t need conditions to go from bad to great. Rather, it just needs to see an improvement in conditions. As the economy begins to heal, stocks have rebounded. You can see this clearly looking at a chart of the S&P 500 (white line) vs. initial jobless claims (red line). The stock market bottomed right as the pace of layoffs hit their most intense level, and has been rebounding alongside an ongoing decline in weekly job losses. While jobless claims are only one economic indicator, it does indicate conditions have started to improve. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1591633294744-WVVKMAFRJBICWZDV7JWR/image-asset.jpeg Charts - Current - Labor Market’s Surprise Strength Despite more than 9 million new claims for unemployment insurance in May, the U.S. economy added more than 2.5 million jobs in May versus the expected decline of 7.5 million. The 2.509 million jobs print was the strongest monthly gain on record and followed April’s decline of 20.687 million, which was the worst print in the history of the data, which dates to 1939. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1590603233560-TCMFV0AIQ055HPFCHBS6/image-asset.jpeg Charts - Current - Equity Market Rebound Through May 20th, the S&P 500 posted the second strongest 40-day rally on record, just behind the return posted off the March 2009 lows coming out of the Great Financial Crisis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1588944425851-LX4B2X1CQUAR5ZPSO7G0/image-asset.jpeg Charts - Current - US Savings Rate The US savings rate increased by the highest percentage in 39 years. U.S. incomes fell in March but not as much as spending did – leading to a substantial increase in savings rates. The question is whether or not households will boost consumption when lockdown eases – or be driven by fear and continue to save after realizing they were not equipped to get through this situation. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1587480079410-GT44DLR82VR0EMAG5S4O/image-asset.jpeg Charts - Current - Energy Markets – A Perfect Storm A glut of supply, demand coming to a hault and storage levels near capacity have driven oil prices to record lows. However, the selloff that reverberated across headlines yesterday was driven more by dislocation in the futures market. The May Futures contract for NYMEX Crude oil, set to expire today, fell deeply into negative territory as nobody wanted to take delivery on the expiring contract. Futures contracts for June held above $20/bbl. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1587479606553-YJLH0B1LX9NWNWIFNWE4/image-asset.jpeg Charts - Current - Chinese Economic Growth Crashes The Chinese economy shrank 9.8% in the first quarter, the worst quarterly reading on record and dragging year-over-year (YoY) growth down to -6.8%, also a record low https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1587479351047-AIDK3647L3SE17Y62Z36/image-asset.jpeg Charts - Current - Economic Uncertainty The full roster of second quarter 2020 GDP (gross domestic product) estimates is a brief example of the economic uncertainty posed by the coronavirus. Regardless of which firm is right, the number is going to be ugly. To put in context, the peak-to-trough decline in GDP during the Financial Crisis was -4%. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1587478393572-9P30EUUYA3OIB39ALXWX/image-asset.jpeg Charts - Current - Quantitative Easing at Full Speed The unprecedented speed at which the Fed has purchases securities and injected liquidity into the markets speak to the severity of the situation the economy is facing. The chart below compares the current quantitative easing (QE) program to the QE programs launched during and subsequent to the Great Financial Crisis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1587487275402-FIFCX9KI2S85FNPHSJA7/image-asset.png Charts - Current - Jobless Claims Surge Number of Americans applying for unemployment benefits surged for a second week to reach nearly 10 million over the last two weeks. A record 6.65 million people filed claims nearly doubling the record set the week prior. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1583768985449-5V9L1RR97SSXJTNC9QX6/image-asset.png Charts - Current - Oil Price Collapse Price of oil collapses by almost 1/3rd to $30 per barrel as Saudi Arabia launches a price war in response to Russia refusing to cut production. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1582748609710-031O96MC2JALOFERU1J8/image-asset.png Charts - Current - Flight to Quality Amid fears of the coronavirus, U.S. Treasuries have benefited from a flight to quality. The 10-year treasury yield has fallen to a new record low (bond prices move inversely with interest rates). https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1580852488886-LFIE02C8KCIYBFCHJVGC/image-asset.jpeg Charts - Current - Manufacturing Activity Rebounds The manufacturing sector continues to show signs of stabilizing following months of slowing down. While manufacturing only represents approximately 12% of economic growth in the U.S., the health of the sector is an important gauge for the overall economy. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1580154941228-OBQCUY45FI2IJBZEOSXL/image-asset.png Charts - Current - Eurozone’s Economy Surprising to Upside Citi’s Economic Surprise Index for the Eurozone – a measure of where economic data comes in relative to economist expectations – has rebounded sharply over the past few months as reported economic data continues to exceed depressed expectations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1580134941805-20MATBU750Y7VPRT8IWJ/image-asset.png Charts - Current - Negative-Yielding Debt Jumps Following several consecutive months of yields rising on the back of improving economic data, global interest rates have started to retreat as investors pile into safe-haven assets amid fears over the deadly coronavirus spreading from China. According to Bloomberg, the pool of negative yielding debt surged by $1.16 trillion last week – the largest weekly increase since at least 2016 when Bloomberg began tracking the data. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1579038062704-3F782OI3USYPJQWPFRKZ/image-asset.png Charts - Current - S&P 500 Leaders The largest tech firms in the S&P 500 accounted for a sizeable portion of the market’s 2019 returns; with Apple contributing over 7% by itself. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1578934127951-76S8H37196F674BKCGVM/image-asset.png Charts - Current - Investor Fund Flows Fund flows can serve as an indicator of investor sentiment. Despite the strong returns in 2019, investors pulled nearly $300 billion from the equity markets in 2019 in favor of money market funds (cash) and fixed income. A sign that this continues to be the most unloved bull market in history. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1578319959183-5A8VRIT1JS7LYQII9O3M/image-asset.png Charts - Current - Global Growth Rebound The JP Morgan Purchasing Managers Indexes (PMIs) – a measure of economic trends in the manufacturing and services sectors – stabilized heading into year-end. With the reprieve in trade tensions following the phase one trade deal, economic growth appears poised to accelerate through the first half of 2020. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1577993539796-SXGUANYBXR85IEQ7SVI8/image-asset.jpeg Charts - Current - Recession Risks Multiple economic models showed recessionary risks increasing throughout 2019 but have recently started to retreat. It appears that they will continue to come down from the elevated levels as the global economy is poised to continue to grow into 2020. Low inflation, easy monetary policy, robust consumer spending and a relatively strong global services sector combine to propel economic growth forward into the New Year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1577993489584-R2THK9Z5ZNISGQQWU924/image-asset.png Charts - Current - Individual Investors Flee From Stock Market The markets continue to climb the proverbial “wall of worry” as illustrated through investment flows amongst asset classes. Individual investors have pulled a record amount out of the equity markets this year despite the S&P 500 Index on pace for the best year since 2013. The equity markets have experienced seven consecutive quarters of net outflows; with these outflows accelerating significantly in the fourth quarter of 2018 (in the midst of the drawdown experienced - the timing could not have been worse; meaning most retail investors sold at the worst time and have not benefitted from the rebound we have experienced this year). This continues to be one of the most unloved bull markets in history. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1577993340758-UQS7E47YRASX3O9NBWXI/image-asset.png Charts - Current - "Winners" in Trade War Countries that have benefited the most from the US-China trade dispute: https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1575294027730-X5DDE55F8OJ5UIT5QAML/11.18+ctm.png Charts - Current - Value Versus Growth Value stocks have staged quite the comeback over the past three months as the S&P 500 Value Index has delivered a return twice that of the S&P 500 Growth Index. Even after this brief stretch of outperformance, valuations for value stocks remain at their most attractive level in years relative to growth stocks. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1575293988126-VP0LIXV16YAPDU94159Z/11.12+ctm.png Charts - Current - Small Business Optimism Small business optimism increased more than expected in October, rising from 101.8 up to 102.4 compared to economist expectations for an increase to just 102.0. After a sharp drop from its high in August 2018, small business sentiment hasn’t rebounded much off its lows, but it is at least showing some sign of optimism. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1575293945228-Q93N1HXIEAEIKUC0SEWM/11.11+CTM+2.png Charts - Current - Yield Curve Normalizes Earlier this year, longer-term yields fell below shorter-term yields leading to what is known as an inverted yield curve. In late August, the 3-Month Treasury Bill yielded 0.5% more than the 10-Year Treasury Note. We have since seen a normalization of the yield curve as it completely uninverted last week for the first time since November 2018 - a positive sign for investors. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1575293872825-21BJ15NE0RM1N32TTBBM/11.11+CTM.png Charts - Current - International Equity Markets The valuation levels of European stocks are significantly cheaper than that of U.S. stocks; a reflection of the market pricing in the ongoing political risks (e.g. Brexit) and growth concerns. Reversion to the mean is a powerful force. Should we begin to see a turnaround in macro data out of Europe, this reversion may begin to take hold with the market favoring International equity markets over U.S. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1569952785581-0EJYPWD0B81ITBF3EQ2G/10.1.2019+2+CTM.png Charts - Current - Total Return (WSJ) Some investors associate safety with a stock that pays a hefty dividend yield. While the income potential might be attractive, it is always important to look at investments from a total return perspective which includes both price return and income return. As shown in this chart, stocks within the S&P 500 Index that pay the highest dividend are among the biggest decliners in terms of price over the past year. One can always “create their own dividend” by trimming the price appreciation of a stock that might not pay as much income. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1569938477007-4NWUVK3ZJN84V7CGY80V/10.1.2019+Charts+that+Matter.png Charts - Current - Third Quarter 2019 Wraps Up (WSJ) While the third quarter ended on a relatively quiet note, with the S&P 500 Index eking out a modest gain of 1.2%, it was a dizzying three months underneath the surface across the equity and fixed income markets. The chart illustrates the one of the key roles of fixed income in a portfolio – providing ballast in times of equity market stress – as yields fell sharply in August (yields fall, bond prices rise) in conjunction with the drawdown experienced in the equity markets. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1569935316529-Y9FD8WCOIP6OI7BCXUNP/9.16+Charts+that+Matter.png Charts - Current - Change in the Trend The growth trade that has worked so well for investors this year – and over the course of this bull market run – has come under pressure over the past few weeks with value staging an impressive 4.1% outperformance streak since August 27th. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1569935234694-PG91ENOCOX1OXE4317ZF/9.9+Charts+that+Matter.png Charts - Current - Global Manufacturing Slump Elevated global trade tensions, particularly between the U.S. and China, have led to significant weakness across the global manufacturing sector since early-2018. Thankfully, most global service sector gauges remain in expansionary territory, with the U.S. Services Purchasing Manufacturer’s Index coming in at 56.4 for August. It is important to remember that the U.S. economy is a consumer based economy and manufacturing comprises a relatively small share of overall U.S. GDP as shown in the chart below. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1567175024832-IZDC94YBR11HA12UHTA1/Picture3.png Charts - Current - Staying Invested Staying invested in times of market stress is illustrated here. The chart shows different dates an investor could have switched their portfolio to cash in the late 2018 correction. The outcome that resulted in the highest ending balance was staying invested. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1567174861930-PP8SF4UYBFV4GVYUWAUZ/Picture2.png Charts - Current - Tariff Start Date Change Tariffs on consumer products were pushed back to commence September 1st and December 15th for different product categories. To this point, tariffs on China have not been necessarily on broad categories of consumer products as the ones coming up are set to be. U.S consumers would likely notice higher prices should these tariffs go into effect. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1567174663504-N7SD9E02G0NHZZOUTMOX/Picture1.png Charts - Current - Rate Cut The Federal Reserve lowered their target rate for the first time since 2008. Each of the two last times that interest rates were cut, a recession and many more rate cuts followed. This time, the U.S economy is strong on its own but global threats loom overhead. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1565021509074-7EYCYWA9B3CS370HMNP0/aug+2.jpg Charts - Current - Consumer Impact The next round of tariffs that have been threatened by President Trump will have the most impact on consumer goods. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1565021442374-QG6NJQ8SC88XR58DKJC5/july+29.jpg Charts - Current - Trade War With little progress being made on ending the trade war, imports of U.S. soybeans by China have dropped to the lowest level since 2004 at just over 5 million tons. To put this in context, China imported soybeans at a rate of 3.2 million tons a month in the first half of 2017. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1565021384867-VRZFQAIVQHYBSMRYS03Z/july+17+2nd.jpg Charts - Current - Strength in Retail Sales Another sign of strength by the U.S. consumer was revealed in the Retail Sales report showing retail sales rising for the fourth consecutive month. The Retail Sales report covers the durable and nondurable portions of consumer spending and highlighted the broad based spending across categories by the consumer. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1565021350779-8XO3XKPKD5C883H4LBYQ/July+17.jpg Charts - Current - Consumers Remain Strong Consumer spending is estimated to grow at a 4.3% annual rate in the second quarter – the fastest pace since 2014 – according to forecasting firm Macroeconomic Advisers. The U.S. is a consumer based economy – with consumption accounting for approximately 70% of economic growth. The strong growth in spending bodes well for continued expansion in the second half of 2019 and into 2020. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1565021263109-943LNHGH3Y741MFUGAYP/July+3+2nd.jpg Charts - Current - Earnings Forecasts Continue to be Revised Down Earnings headwinds have been plentiful – stronger dollar, lower oil prices and continued uncertainty regarding trade to name a few. More than 80% of S&P 500 companies that have revised their profit estimates one way or the other in the lead-up to reporting have slashed them, data compiled by Bloomberg show. Analyst estimates now call for a 2.5% drop in earnings for the second quarter. Unless companies exceed analyst earnings estimates, this would mark the first profit contraction in three years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1565021006206-4P5HYKYVP850WY2DIK4O/July+3+JPEG.jpg Charts - Current - Economic Data for Eurozone Surprising to Upside The IHS Markit Eurozone composite purchasing managers’ index (PMI) – used to gauge the direction of economic trends in the manufacturing and service sectors - strengthened to 52.2 in June, up from 51.8 in May, for the Eurozone. June’s PMI reading is the highest level since November 2018, signaling a pick-up in economic growth for the area. Most of the growth was driven by expansion in the services sector; helping to offset the downturn in manufacturing activity that continues to be dampened by tariff threats. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1560792584434-DQ4B5V4O2LEI3Z4J0D7Y/June+17.jpg Charts - Current - U.S. – China Trade Tensions Consumer items have largely been spared by tariffs thus far into the trade war. Should the U.S. proceed with imposing tariffs on an additional $300 billion, there will be few items spared as illustrated in the change from current percentage of imports subjected to tariffs on the left to the percentages on the right under the proposed increase in tariffs. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1560792489037-5JBDV97Y3IKTT7EBLSW9/June+14.jpg Charts - Current - Inflation Expectations University of Michigan’s Survey of Consumers for June showed that survey respondents voiced concerns over tariffs, which may negatively impact growth and inflation. The 5-10 year inflation estimate from the survey declined to 2.2%, the lowest on record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1560792454138-X9SUD3NBG79VJV6QQCA2/May+20.jpg Charts - Current - Leading Economic Index The Conference Board’s Leading Economic Index (LEI) level increased to a new cycle high through April. However, annualized growth in the index slowed to 2.7% - the weakest growth rate since 2017. A further slowdown in the rate of improvement bears watching. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1560792355693-YUTY7IMVYV6E1WD86VSY/May+13.jpg Charts - Current - U.S. – China Trade Tensions Trade tensions between U.S. and China have been renewed as the U.S. increased tariffs to 25%, from the previous rate of 10%, on $250 billion of Chinese imports last Friday. Tech-related imports are facing the largest impact from the increased tariffs. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1560792265592-4WQ3MIJ3IDY8UIZZWGJ7/May+6.jpg Charts - Current - Economic Growth in the U.S. Economic growth in the U.S. – as measured by Gross Domestic Product (GDP) – beat estimates by a wide margin in the 1st quarter as the economy expanded at an annualized pace of 3.2% for the quarter versus the 2.3% Bloomberg consensus estimate. Contributions to growth were experienced across each major category of GDP. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1560790918878-G8G0HTX6XV2T9ZPZWPB5/April+29.jpg Charts - Current - Rebound In Corporate Earning Revisions Analysts became extremely pessimistic on their outlook for earnings growth in the midst of the 2018 market selloff; with downward revisions to their earnings growth estimates throughout the fourth quarter. With a majority of companies exceeding estimates for first quarter earnings across the globe, analyst are now revising their pessimism and therefore earnings outlook. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1554320445623-77FMAGN7N4QWZAJGFJ19/PicApril6.jpg Charts - Current - Manufacturing Activity Stabilizes in Asia for March China led a rebound in manufacturing activity across Asia during March. The IHS Markit manufacturing purchasing managers’ index rebounded to 50.5 from 49.2 for China – the largest increase since 2012. Levels above 50 indicate expansion. Additional evidence is needed to confirm whether or not the economies across Asia are stabilizing. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1554320126946-XZB8NXN11QNI1G3RZNJQ/PicApril5.jpg Charts - Current - Economic Growth Cools Down in the Final Quarter of 2018 Fourth quarter GDP growth was revised down from the initial 2.6% estimate to 2.2% as government and consumer spending were less than originally estimated. This final estimate for the fourth quarter brings economic growth for the full year of 2018 to 3%; the fastest pace since 2005. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1554319457741-90UU4Z4AYU9LT53SEC5C/PicApril4.jpg Charts - Current - The Yield Curve Inverts On March 22nd, the yield on the U.S. 10-year Treasury note dipped below the yield on the three-month paper. While an inverted yield curve often precedes a recession, not all inverted yield curves lead to a recession. Furthermore, while it may be a recessionary signal, it tells us nothing about the timing of such recession. See Legacy’s Insight Piece, “Inversion of the U.S. Bond Yield Curve” for additional commentary. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553008025316-A7S95BM8Z2EM6RHZ3Q9X/Picture13.jpg Charts - Current - Market-Projected Rates Diverge from Fed Projected In February, Fed Chair Jerome Powell reiterated the case for a patient interest-rate policy given “muted” inflation pressures and slowing global growth as a risk to their outlook. The market now expects zero hikes in 2019 relative to the Fed’s projection of two hikes in 2019. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007990287-7WV1C8ASG61M5O3OVM5T/Picture12.jpg Charts - Current - Rekindling the US – European Trade Dispute U.S. and European differences over agriculture threaten to rekindle a tit-for-tat trade war as Congress and some Trump administration officials are demanding access to European markets following a trans-Atlantic trade truce in July. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553008146790-0E93UMDF4NG7YNPRK96X/Picture11.jpg Charts - Current - Job Openings Rise to a Record High in December Job openings increased to a record high of 7.335 million during the month of December and exceed the total number of unemployed persons (6.294 million) by more than 1 million positions. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007903411-568VEBUIA9HP7F9Z8N2Y/Picture10.jpg Charts - Current - Short-Term Cash Rates Now Yield More Than Inflation For the first time since 2008, for the first time since early 2008, the three-month Treasury bill has a higher yield than the market’s expectations for inflation over the next 10 years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007846879-4PM6MP9NP441NV3AWA6Q/Picture9.jpg Charts - Current - Banking System Liquidity & Equity Valuations In conjunction with the shrinking of the Federal Reserve’s balance sheet, there has been a significant decline in banking system excess reserves. The explosion in banking system liquidity has been noted as a key driver behind the equity market rally since 2009; the subsequent draining may limit equity returns going forward. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007820511-0PH6UMD35EMW76K2AIA9/Picture8.jpg Charts - Current - Rural America Feeling the Impact of Tariffs Rural America has suffered a multiyear slump in prices for corn, soybeans and other commodities touched off by stiff foreign competition and a world-wide glut. Tariff retaliation from China, Mexico and elsewhere has further roiled agricultural markets and pressured farmers’ incomes. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007778529-PUAZKVV7IM7YGA66UL7X/Picture7.jpg Charts - Current - Global Expansion BlackRock's "US-China relations" macro risk indicator has been declining. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007645871-YLBEFN8F0XTVRI3C86Q9/Picture6.jpg Charts - Current - Global Expansion The synchronized global growth story told throughout 2017 has decoupled as the percentage of countries in expansion drops below long-term average. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007611617-SWUYS79WWZY4WDKWTTBE/Picture5.jpg Charts - Current - Equity Market Selloffs Sharp selloffs – such as that experienced in the fourth quarter of 2018 – don’t have a great track record as a recessionary indicator. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007579856-RF5A6YGF61PO30G8JAKQ/Picture4.jpg Charts - Current - Federal Reserve Rate Hikes Rounding-out their 2018 Federal Open Market Committee (FOMC) meeting schedule, the Fed hiked the federal funds rate by 25 basis points (bps) at their mid-December meeting to an upper bound of 2.50%, the fourth hike of 2018 and the eighth hike in their current tightening campaign. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007549596-K8GAISB08FH2VW02TQSZ/Picture3.jpg Charts - Current - Global Asset Class Performances 2018 has proven to be a tough year for asset classes across the board. With 93% of global assets delivering a negative return year-to-date, 2018 is the worst year on record for this measure. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007466345-17S6X9TM7FTMJAUB0L46/Picture2.jpg Charts - Current - Stock Market Valuations The S&P 500 Index’s Forward P/E ratio has hit multi-year lows as it remains in correction territory (down over 10% from record highs). https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1553007357926-G3639ZUXKSU70Y8UWM58/Picture1.jpg Charts - Current - Companies Ramp Up Buybacks Shares of several U.S. companies have rallied following recent announcements of increased share repurchases, a welcome development for investors bruised by recent market volatility. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544038594063-DCAGGOGSNISP8GASOP7T/Picture1.jpg Charts - Current - Time in the Market more Important than Timing the Market While some believe higher volatility brings better opportunities for market timing, such efforts face a high bar relative to just staying invested. Missing the best months in equities, which are often after drawdowns like those experienced in February and October of 2018, lowers holding period returns materially. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544038784772-3UW6MIV5SC9225L7SR1I/Picture2.jpg Charts - Current - Valuation Across Asset Classes have Declined in 2018 Equity and credit valuations are below 1990s average levels again. Equity valuations have de-rated due to a combination of price declines and still positive earnings growth. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544038861867-2AJBU4879H3XIXN4T0RA/Picture3.jpg Charts - Current - Equity vs. Bond Performance For the first time since 2015, global equities have underperformed bonds in 2018 year-over-year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544038986742-AZM5UGQLDV3PPJTDXI2C/Picture4.jpg Charts - Current - Economic Growth Expectations Economists expect third-quarter gross domestic product (GDP) to come in at a 3.4% annual growth rate this week. If met, this would add up to the best back-to-back quarters since 2014 following the second quarter’s +4% growth rate. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039028943-5FR6HUMQSJEV6IR12USB/Picture5.jpg Charts - Current - Job Openings Spike to Record Through August, the number of job openings increased to the highest on record, at 7.136 million. There are approximately 1.2 million more job openings than unemployed persons, potentially indicative of a lack of skilled available labor capital and/or a skills mismatch inherent in the labor force https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1570454554233-HGMYVMOLQHG9TNC7458W/Capture2.JPG Charts - Current - Dizzying Three Months While the third quarter ended on a relatively quiet note, with the S&P 500 Index eking out a modest gain of 1.2%, it was a dizzying three months underneath the surface across the equity and fixed income markets. The chart illustrates the one of the key roles of fixed income in a portfolio – providing ballast in times of equity market stress – as yields fell sharply in August (yields fall, bond prices rise) in conjunction with the drawdown experienced in the equity markets. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039069594-18YT9GD2NH8HBVFG6DFC/Picture6.jpg Charts - Current - Earnings Season Could Help Provide Bottoming Process from Recent Selloff The benchmark S&P 500 index has risen in seven of the past nine earnings seasons, climbing on average 1.7% during the four weeks after big banks kick off the reporting period, according to Dow Jones Market Data. Even more encouraging is that in three of those periods, the S&P 500 had fallen in the four weeks leading up to earnings season. In other words, it’s not unusual for the equity markets to go through a period of weakness before earnings season. With analysts projecting a 21% growth rate in earnings for the third quarter, we expect this trend to continue. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039103780-5PUQY5JFRPWXD3HARBFX/Picture7.jpg Charts - Current - Real Growth Expectations, not Inflation Expectations, Pushing Nominal Yields Higher Nominal yields jumped on Wednesday with the 10-year U.S. Treasury yield touching 3.23%, a significant 14bp move in a 24-hour period. After retreating slightly, at time of writing yields have moved higher again reaching 3.24%, their highest level since February 2011 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039138032-O9R7ISIS55QOFZKGB7ED/Picture8.jpg Charts - Current - U.S. Economy Begins to Disappoint Lofty Expectations The U.S. economy is growing at the quickest pace in over four years and, therefore, keeps raising the bar for economist’s expectations. The Citigroup Economic Surprise Index, a measure of whether economic reports are meeting projections, has fallen to its lowest level in nearly a year in the U.S. The gauge has dropped into negative territory, indicating releases are broadly starting to come in below expectations. At the same time, we are seeing a rebound abroad where expectations have been depressed. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533688070070-UQHNRVDLEUBA47H3ELE4/2018-08-07+%287%29.png Charts - Current - Economic Growth: U.S. GDP - Quarterly Growth Rate The U.S. economy grew at the strongest pace in nearly four years during the second quarter. Gross domestic product (GDP) – the value of all goods and services produced across the economy – increased at a 4.1% annualized rate in the second quarter. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039683921-3JTZJXD8LJEZIUJ5ZTZ4/Picture10.jpg Charts - Current - In Terms of Returns, however, the Current Bull Market Ranks only 8th The pure duration of the bull run is impressive but not particularly surprising given the magnitude of the recession that the U.S. has rebounded from. From a return perspective, however, the bull market currently ranks in 8th place in terms of annualized returns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039649209-UVYWM4OY76ZBOBOK543U/Picture9.jpg Charts - Current - The Current Bull Market has Become the Longest One on Record The current bull market began on March 9th, 2009 when the S&P 500 was as 676 points. 9 ½ years and 323 percent later, the S&P 500 officially set the record for the longest bull market run on Wednesday. With double digit earnings growth paired with strong economic growth, there should be room for it to extend this record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039730315-723ZIMQC9AZ1N0GC3TK4/Picture11.jpg Charts - Current - Emerging economies may remain susceptible to appreciating US Dollar (USD) Trade war concerns, continued tightening of U.S. monetary policy, and more recently an appreciating USD, have weighed on emerging market assets in 2018. Continued USD strength may complicate government funding for those economies that rely heavily on external debt to finance their economy. Across the emerging markets, the IMF estimates that external debt total servicing costs are near 10% of GDP, which, is above long-term average levels, but below peak levels witnessed in 2015 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1544039765966-I8HLV398M6P4PVLKL8O2/Picture12.jpg Charts - Current - Consumer Spending Remains Strong With a strong second quarter growth rate, investors are now turning their attention to the third quarter. Retail sales, released last week, provide a good omen with a strong 0.5% monthly growth rate; suggesting consumers remain healthy which should provide continued support for economic growth https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533688182996-D8JQAJS2DB1PS2X1OSQ9/Charts%2BUpdated-02+%281%29.jpg Charts - Current - Conference Board LEI & Business Cycles Conference Board Leading Economic Index (LEI) data for June was released last week and showed that the LEI increased 0.5% month-over-month. The index level increased to 109.8 in June, a new cycle high. As the name of the index suggests, this composite of indicators is designed to lead the business cycle, with recent solid growth supportive of near-term economic gains and implying a business cycle still exhibiting an expansionary bias. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533688362438-YNRCQK4A06B6KTSVF4OU/2018-08-07+%289%29.png Charts - Current - Broad Strength Broad strength across all sectors are expected for second quarter earnings season with Energy leading the way. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533688722311-DNCSJ1P9492EF7GRTBZD/2018-08-07+%2823%29.png Charts - Current - Escalating Earnings Rallying oil prices, strong U.S. economic data and buoyant consumer confidence have pushed analysts’ earnings estimates higher since the start of the second quarter. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533688839109-ZGVWD2XWP2RBEDIGD6SR/2018-08-07+%2824%29.png Charts - Current - The U.S.-China tariff war and the S&P 500 Equity markets continue to be conflicted between the benefits of tax reform and the turbulence of tariffs. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533688973709-7O6U0PMZE5PHVZDZ68D0/2018-08-07+%2825%29.png Charts - Current - Contribution to S&P 500's Gain Just four stocks have fueled over 82% of the S&P 500’s 2.6% gain on a year-to-date basis through June 30th. Excluding these stocks, the S&P 500 would only be up 0.48%. Excluding the top seven stocks, the S&P 500 would be in negative territory for the year. During an average year, the 10 stocks with the greatest impact typically account for only 45% of the market’s price moves. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533689056592-ZO7D8GSXDOFT9DM0LY0M/2018-08-07+%2826%29.png Charts - Current - US Effective Tariff Rate The proposed tariffs - if implemented in full - would increase the average effective US tariff rate by about 5 percentage points (pp) and take the US back to levels last seen in the 1970s. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533689148384-OCK6K4EDQ2TU0LADYU6E/2018-08-07+%2827%29.png Charts - Current - Total US Imports Affected Counting the tariffs. So far, duties on $55.7 billion of imports have been implemented, including tariffs on washing machines and solar panels, steel and aluminum. A first round of tariffs on $34 billion of imports from China is set to take place on July 6th unless an agreement is reached. From here, President Trump has threatened three further steps: a 25% tariff on an addition $100 billion from China, 20% on $275 billion of auto imports and 10% on an additional $300 billion from China. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533689366854-ET9V416OCXF4H1F1ILYV/2018-08-07+%2828%29.png Charts - Current - June - 2018 Fed Hike Probability The Federal Open Market Committee will be announcing their next policy decision tomorrow. Another rate hike is nearly fully priced into the markets with a probability of 84%. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533689477862-7UNT8VUFLBZ2KV8LOS8L/2018-08-07+%2829%29.png Charts - Current - Evaluation of Atlanta Fed GDPNow real GDP Estimate For 2018: Q2 The Atlanta Fed’s GDPNow model forecast for second quarter economic growth remains above 4.5%. Even if the model is overestimating growth by 1%, the second quarter is staging an impressive rebound. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533687839502-IX89ODWMEQY02WD4XEIY/14+%281%29.jpg Charts - Current https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533689713814-9JBEISWAD8MIBGKZ8ZZ8/2018-08-07+%2830%29.png Charts - Current - Economic Policy Uncertainty Remains Elevated Politics continue to cause uncertainty and angst for the markets as they dominate the headlines. Most recently, the announcement of new governments in Italy and Spain and the implementation of steel and aluminum tariffs on some of our largest trading partners, including Canada, Mexico and the European Union. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533691716139-TK7EGVTR9BHFD74JNAGL/2018-08-07+%2832%29.png Charts - Current - Cumulative Rate Hikes While the Federal Reserve is increasing interest rates in the U.S., this rate hiking cycle is set to be the longest and shallowest on record. https://www.legacytrustcompany.com/tiles-option daily 0.75 2018-08-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1514958560533-LHOHEEUW88R45645JLL2/pexels-photo-121848+%281%29.jpeg Tiles Option https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533223901569-ONLAGLOJO72X3D8TFSMZ/diamonds.jpg Tiles Option https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533692686888-IOVQCUUAZ0M7V1YPIA7O/7jFLhjmX.jpg Tiles Option https://www.legacytrustcompany.com/images-1 daily 0.75 2018-08-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533694973660-4JMZBK9FH88KPIXS0RWS/2018-08-07+%2837%29.png Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533694973660-4JMZBK9FH88KPIXS0RWS/2018-08-07+%2837%29.png Images https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533694993080-B3UXMDW0NUC5GDPIBI7A/2018-08-07+%2838%29.png Images https://www.legacytrustcompany.com/charts-2018 daily 0.75 2020-12-14 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607978708770-TSYBVTZV50GGFGA3MQL3/Picture4.jpg Charts 2018 FEDERAL RESERVE RATE HIKES Rounding-out their 2018 Federal Open Market Committee (FOMC) meeting schedule, the Fed hiked the federal funds rate by 25 basis points (bps) at their mid-December meeting to an upper bound of 2.50%, the fourth hike of 2018 and the eighth hike in their current tightening campaign. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607978708770-TSYBVTZV50GGFGA3MQL3/Picture4.jpg Charts 2018 FEDERAL RESERVE RATE HIKES Rounding-out their 2018 Federal Open Market Committee (FOMC) meeting schedule, the Fed hiked the federal funds rate by 25 basis points (bps) at their mid-December meeting to an upper bound of 2.50%, the fourth hike of 2018 and the eighth hike in their current tightening campaign. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252545640-KIBASARXI9MBAGPI7H1Z/Picture3.jpg Charts 2018 - Global Asset Class Performances 2018 has proven to be a tough year for asset classes across the board. With 93% of global assets delivering a negative return year-to-date, 2018 is the worst year on record for this measure. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252544284-VJPN7XETLEOG7PFW7RSQ/Picture2+%281%29.jpg Charts 2018 - Stock Market Valuations The S&P 500 Index’s Forward P/E ratio has hit multi-year lows as it remains in correction territory (down over 10% from record highs). https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252543739-FR0HJZHV5P1IJEKAEPRT/Picture1.jpg Charts 2018 - Companies Ramp Up Buybacks Shares of several U.S. companies have rallied following recent announcements of increased share repurchases, a welcome development for investors bruised by recent market volatility. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252543653-Z7EVJPL41HY9YGI4GX7R/Picture1+%281%29.jpg Charts 2018 - Time in the Market more Important than Timing the Market While some believe higher volatility brings better opportunities for market timing, such efforts face a high bar relative to just staying invested. Missing the best months in equities, which are often after drawdowns like those experienced in February and October of 2018, lowers holding period returns materially. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252544729-1YFAT668FKX5VMTIZW36/Picture2.jpg Charts 2018 - Valuation Across Asset Classes have Declined in 2018 Equity and credit valuations are below 1990s average levels again. Equity valuations have de-rated due to a combination of price declines and still positive earnings growth. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252545330-W1SCLVQFNUYJN89PDHX9/Picture3+%281%29.jpg Charts 2018 - Equity vs. Bond Performance For the first time since 2015, global equities have underperformed bonds in 2018 year-over-year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252546428-H5TI910GH95XQM3BETE5/Picture4.jpg Charts 2018 - Economic Growth Expectations Economists expect third-quarter gross domestic product (GDP) to come in at a 3.4% annual growth rate this week. If met, this would add up to the best back-to-back quarters since 2014 following the second quarter’s +4% growth rate. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252547531-UZ4TFBCCBQAIVZTYZ5DR/Picture5.jpg Charts 2018 - Job Openings Spike to Record Through August, the number of job openings increased to the highest on record, at 7.136 million. There are approximately 1.2 million more job openings than unemployed persons, potentially indicative of a lack of skilled available labor capital and/or a skills mismatch inherent in the labor force https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252547067-TUNM92DFXP2W0KDQVZH2/Picture6.jpg Charts 2018 - Earnings Season Could Help Provide Bottoming Process from Recent Selloff The benchmark S&P 500 index has risen in seven of the past nine earnings seasons, climbing on average 1.7% during the four weeks after big banks kick off the reporting period, according to Dow Jones Market Data. Even more encouraging is that in three of those periods, the S&P 500 had fallen in the four weeks leading up to earnings season. In other words, it’s not unusual for the equity markets to go through a period of weakness before earnings season. With analysts projecting a 21% growth rate in earnings for the third quarter, we expect this trend to continue. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252547668-UFCT84G7C4EG1FAR4QHD/Picture7.jpg Charts 2018 - Real Growth Expectations, not Inflation Expectations, Pushing Nominal Yields Higher Nominal yields jumped on Wednesday with the 10-year U.S. Treasury yield touching 3.23%, a significant 14bp move in a 24-hour period. After retreating slightly, at time of writing yields have moved higher again reaching 3.24%, their highest level since February 2011 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252548387-HG3CACANRUKLXNH0HMJS/Picture8.jpg Charts 2018 - U.S. Economy Begins to Disappoint Lofty Expectations The U.S. economy is growing at the quickest pace in over four years and, therefore, keeps raising the bar for economist’s expectations. The Citigroup Economic Surprise Index, a measure of whether economic reports are meeting projections, has fallen to its lowest level in nearly a year in the U.S. The gauge has dropped into negative territory, indicating releases are broadly starting to come in below expectations. At the same time, we are seeing a rebound abroad where expectations have been depressed. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252538516-3AZ2GNUU6U7LG65EKBKT/2018-08-07%2B%287%29.png Charts 2018 - Economic Growth: U.S. GDP - Quarterly Growth Rate The U.S. economy grew at the strongest pace in nearly four years during the second quarter. Gross domestic product (GDP) – the value of all goods and services produced across the economy – increased at a 4.1% annualized rate in the second quarter. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252549028-CNIM3NIOHLIF810QDYER/Picture10.jpg Charts 2018 - In Terms of Returns, however, the Current Bull Market Ranks only 8th The pure duration of the bull run is impressive but not particularly surprising given the magnitude of the recession that the U.S. has rebounded from. From a return perspective, however, the bull market currently ranks in 8th place in terms of annualized returns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252548553-EQ4LQF8LOFPK4JB0L6AL/Picture9.jpg Charts 2018 - The Current Bull Market has Become the Longest One on Record The current bull market began on March 9th, 2009 when the S&P 500 was as 676 points. 9 ½ years and 323 percent later, the S&P 500 officially set the record for the longest bull market run on Wednesday. With double digit earnings growth paired with strong economic growth, there should be room for it to extend this record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252549158-0GABIVWXFPXQD3NR1U0U/Picture11.jpg Charts 2018 - Emerging economies may remain susceptible to appreciating US Dollar (USD) Trade war concerns, continued tightening of U.S. monetary policy, and more recently an appreciating USD, have weighed on emerging market assets in 2018. Continued USD strength may complicate government funding for those economies that rely heavily on external debt to finance their economy. Across the emerging markets, the IMF estimates that external debt total servicing costs are near 10% of GDP, which, is above long-term average levels, but below peak levels witnessed in 2015 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607978713996-99E15XV7Z02AYHM34H95/Picture12.jpg Charts 2018 - Consumer Spending Remains Strong With a strong second quarter growth rate, investors are now turning their attention to the third quarter. Retail sales, released last week, provide a good omen with a strong 0.5% monthly growth rate; suggesting consumers remain healthy which should provide continued support for economic growth https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252543153-O2R038X4IFEFG80ZPXNI/Charts%2BUpdated-02%2B%281%29.jpg Charts 2018 - Conference Board LEI & Business Cycles Conference Board Leading Economic Index (LEI) data for June was released last week and showed that the LEI increased 0.5% month-over-month. The index level increased to 109.8 in June, a new cycle high. As the name of the index suggests, this composite of indicators is designed to lead the business cycle, with recent solid growth supportive of near-term economic gains and implying a business cycle still exhibiting an expansionary bias. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252538562-32D4IL6V7MMPKXUSPL4D/2018-08-07%2B%289%29.png Charts 2018 - Broad Strength Broad strength across all sectors are expected for second quarter earnings season with Energy leading the way. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252539115-GM47N0MJS357IFUXNPVS/2018-08-07%2B%2823%29.png Charts 2018 - Escalating Earnings Rallying oil prices, strong U.S. economic data and buoyant consumer confidence have pushed analysts’ earnings estimates higher since the start of the second quarter. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252539878-IEOH66C3W9XGEG2UNHWA/2018-08-07%2B%2824%29.png Charts 2018 - The U.S.-China tariff war and the S&P 500 Equity markets continue to be conflicted between the benefits of tax reform and the turbulence of tariffs. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252540373-3C9HVSTG3XIBLB2WAP8Z/2018-08-07%2B%2825%29.png Charts 2018 - Contribution to S&P 500's Gain Just four stocks have fueled over 82% of the S&P 500’s 2.6% gain on a year-to-date basis through June 30th. Excluding these stocks, the S&P 500 would only be up 0.48%. Excluding the top seven stocks, the S&P 500 would be in negative territory for the year. During an average year, the 10 stocks with the greatest impact typically account for only 45% of the market’s price moves. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252540912-7XV39BUA7WW1CKMY4X5N/2018-08-07%2B%2826%29.png Charts 2018 - US Effective Tariff Rate The proposed tariffs - if implemented in full - would increase the average effective US tariff rate by about 5 percentage points (pp) and take the US back to levels last seen in the 1970s. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252541020-ZU0D6MB15B6XYIF8B6R8/2018-08-07%2B%2827%29.png Charts 2018 - Total US Imports Affected Counting the tariffs. So far, duties on $55.7 billion of imports have been implemented, including tariffs on washing machines and solar panels, steel and aluminum. A first round of tariffs on $34 billion of imports from China is set to take place on July 6th unless an agreement is reached. From here, President Trump has threatened three further steps: a 25% tariff on an addition $100 billion from China, 20% on $275 billion of auto imports and 10% on an additional $300 billion from China. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252541807-H7081IRG8F4NKWHYL0EY/2018-08-07%2B%2828%29.png Charts 2018 - June - 2018 Fed Hike Probability The Federal Open Market Committee will be announcing their next policy decision tomorrow. Another rate hike is nearly fully priced into the markets with a probability of 84%. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252541647-HOOPLX3VXXREFB337D50/2018-08-07%2B%2829%29.png Charts 2018 - Evaluation of Atlanta Fed GDPNow real GDP Estimate For 2018: Q2 The Atlanta Fed’s GDPNow model forecast for second quarter economic growth remains above 4.5%. Even if the model is overestimating growth by 1%, the second quarter is staging an impressive rebound. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252542299-YIHV0YM737OKDDPXGEH0/2018-08-07%2B%2830%29.png Charts 2018 - Economic Policy Uncertainty Remains Elevated Politics continue to cause uncertainty and angst for the markets as they dominate the headlines. Most recently, the announcement of new governments in Italy and Spain and the implementation of steel and aluminum tariffs on some of our largest trading partners, including Canada, Mexico and the European Union. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606252542475-ECE2BHEUJEHALFRJLPQW/2018-08-07%2B%2832%29.png Charts 2018 - Cumulative Rate Hikes While the Federal Reserve is increasing interest rates in the U.S., this rate hiking cycle is set to be the longest and shallowest on record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251128967-DIBEZ4HEQ4XPDU2BRCA5/Charts%2BUpdated-13.jpg Charts 2018 - Forward Returns Increase The 10-year U.S. Treasury Yield has firmly breached the headline-grabbing 3% threshold to 3.1% - the highest level since 2011. It is important to remember that rising rates – although painful over the short-term as bond prices move inversely to yields – are beneficial to fixed income investors over the long-term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251129841-NLDIJCZR32FVNEONHBMG/Charts%2BUpdated-14.jpg Charts 2018 - The Current U.S. economic expansion is now the second largest in post-war history (107 months) This month, the current U.S. economic expansion reaches the 107-month mark, making it the second longest economic expansion on record. The next milestone is 13 months from now – June 2019 – at 120 months and it is looking increasingly likely that this expansion will continue for more than a year and set the new record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251130318-7T0W500A0A6CCE63FJ0H/Charts%2BUpdated-15.jpg Charts 2018 - 2017-18 Trend In Global EPS Much Stronger Then In Prior Years Earnings revisions have been on a strong upward trend since mid-2017. With first quarter earnings season wrapping up, companies have exceeded approximately 80% of analyst earnings estimates; therefore, providing an even higher growth rate than what was anticipated for earnings. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251130675-O0TS50L7JTCWNFLDP827/Charts%2BUpdated-16.jpg Charts 2018 - Coordinated Growth Global growth has stepped up in a synchronized fashion. Nearly all countries tracked by the Organization for Economic Co-operation and Developed (OECD) are recording positive growth rates – the first time since the global financial crisis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251131066-5OX512RXALWMS840CV73/Charts%2BUpdated-17.jpg Charts 2018 - Volitatiy Reemerges In The Market Equity market volatility as measured by the volatility index (VIX) remained tepid throughout 2017. The market’s reaction to inflationary fears, increasing interest rates and a potential trade war has led to volatility roaring back in 2018. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251131744-S8ULBJ0V3ZNG62ORRU21/Charts%2BUpdated-19.jpg Charts 2018 - Comparing Size of Tariffs With Incremental Fiscal Policy The markets are conflicted between the benefits of tax reform and the turbulence of tariffs. The size of fiscal stimulus, driven by tax reform, dwarf the size of tariffs announced thus far. Nevertheless, tariffs and the potential for trade war have been a destabilizing factor for the markets and will likely continue to be until we gain further clarity. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251127480-ZBQIEX7W59NV4FY335J2/Charts.jpg Charts 2018 - Headline GLI vs. Global Industrial Production Goldman Sach’s proprietary indicator, called the Global Leading Indicator (GLI), meant to provide an early signal of the global industrial cycle is showing signs of weaker growth in global industrial production. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251131846-6S5T4LO7167EPYJ49CWN/Charts%2BUpdated-21.jpg Charts 2018 - Advance Goods Monthly Trade Balance The announced steel and aluminum tariffs have now gone into effect. Going forward, a 25% tariff will be placed on steel imports and a 10% tariff placed on steel imports. These tariffs are due in large part to the material trade deficit that the U.S. has – particularly with China. The monthly trade deficit for January widened to a 9 ½ year low likely adding more fuel to President Trump’s agenda of fair trade. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251123054-WHNEKMWYKA5Z270Q7XQL/2.jpg Charts 2018 - Profit Margins Have Been A Key Driver Or Earnings Growth Expansion of profit margins have been a key driver of earnings growth in the U.S. since the global financial crisis. Should the Federal Reserve continue to raise rates and wage growth continue to grow, profit margins will likely come under pressure. Stronger revenue growth will need to offset this dynamic in order for earnings to continue to grow strongly. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251122578-82ZUZ48QVLMTYZI9CVBW/3.jpg Charts 2018 - Corporate Earnings Revision Ratios, 2008-2018 We have witnessed a sharp acceleration in U.S. earnings upgrades as analysts have factored in the impact from the tax cuts and fiscal stimulus. The ratio of analyst upgrades to downgrades for U.S. large caps has spiked to the highest level since the data series started in 1988. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251123312-8JLN2VS321LKA53QDOJD/4.jpg Charts 2018 - S&P 500 Index Pullback in perspective. The recent market correction has put the markets back on the trajectory of the last two years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251124164-PGWLZ38ISNC28A7QQFRH/5.jpg Charts 2018 - C.S. VelocityShares Inverse VIX Short-Term ETN The dangers of “following the crowd” and chasing the latest trends are illustrated in the following chart. Strategies that provide inverse (e.g. “short”) equity volatility exposure gained significant attraction over the past two years as volatility remained abnormally subdued. As equity volatility spiked to a 2 1⁄2 year high recently, the popular Credit Suisse VelocityShares Inverse VIX Short-Term exchange traded note (ETN) – which had over $1 billion of assets - lost nearly all of its “value” and is now being liquidated by Credit Suisse. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251125770-2W2GE18RYO1F1KC9S0QN/6.jpg Charts 2018 - Buyer Beware Investors piled into equities during the month of January as the set the record for the biggest month of flows into equity funds on record, according to Bank of America Merrill Lynch. Interestingly, there was one group of investors that wasn’t so anxious to buy at these levels: company insiders who must report their purchases of stock in the companies they work for. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251125975-2YLK9FYJMQUGH6VUZ0QI/7.jpg Charts 2018 - US Treasuries vs Bond Volatility U.S. Treasury yields have been under pressure in 2018 while implied volatility is at record lows. This looks quite similar to that seen just prior to the “taper tantrum” in 2013 and could portend the beginning of the fourth bond market tantrum since 2014. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606251128807-A578DKIHV38A05V0KZJP/8.jpg Charts 2018 - Up or Down 1% Days (2017 is YTD) 2017 was one of the calmest years on record with very steady returns. There were only eight days when the market moved by more than 1% during the calendar year. As the year moved, the calmness grew. None of the eight 1% moves occurred in the fourth quarter. While we believe 2018 will provide another strong set of returns for equity investors, they should be prepared for more heightened levels of volatility to accompany returns. https://www.legacytrustcompany.com/charts-2017 daily 0.75 2020-11-24 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606250767606-REBPOL9NTHIYQZLXLSYV/image-asset.jpeg Charts 2017 - Percent Change, Annual Rate Global growth accelerated sharply in 2017 and the upswing became increasingly broad based throughout the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1606250767606-REBPOL9NTHIYQZLXLSYV/image-asset.jpeg Charts 2017 - Percent Change, Annual Rate Global growth accelerated sharply in 2017 and the upswing became increasingly broad based throughout the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603994866755-T5SIVTYB0VD55IGOKJ3O/Charts%2BUpdated-30.jpg Charts 2017 - G3 POLICY RATES The Fed continued at a slow and steady pace with three rate hikes in 2017 while the ECB and BOJ stood pat. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603994953292-BLF5KM5ST88BQ3IM9WHD/11.jpg Charts 2017 - SUDDEN SURGE Economic data are beating expectations by the most in nearly six years according to Citigroup’s economic surprise index. It’s massive run higher is one sign that the economy has gained momentum this year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995033848-T70QBLI6Z5JB8D257R7J/12.jpg Charts 2017 - FRAMEWORK FOR INTERACTION BETWEEN FINANCIAL AND BUSINESS CYCLES Broadly speaking, the economy remains in the goldilocks phase of the financial & business cycles. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995061743-8KPOZIKB3FRXPO5OUE97/13.jpg Charts 2017 - BITCOIN’S METEORIC RISE Bitcoin’s meteoric rise in 2017 has been unprecedented; making other market moves that led to eventual bubbles look rather insignificant. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995083135-VA27HORR8R2E2F1G5PP7/14.jpg Charts 2017 - US GDP - QUARTERLY GROWTH The U.S. economy expanded at a 3.3% rate in the third quarter of 2017; marking the second consecutive quarter of 3% GDP growth and the strongest quarter in 3 years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995087720-VRDWICMR0XH9V5SAKPZN/15.jpg Charts 2017 - G20 ECONOMIC, MONETARY POLICY AND CREDIT CYCLES FOR 2018-2019 Charting where the world’s largest economies fall in regards to economic, credit, and monetary policy cycles. A majority of countries continue to expand. However, higher volatility can be expected as we continue to progress into the later stages of the credit cycle and monetary policies become less accommodative. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995290553-XPO39BUE3FRL0VWQTM9X/17.jpg Charts 2017 - WHAT CAN A DECADE DO? How quickly things can change in just 10 years. Once dominated by the major corporate conglomerates, the five largest companies in the world measured by Market Capitalization are all tech companies. An illustration of how disruptive technology has become. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995293029-JOP9O2O5DCK0NP1NY3S7/Charts%2BUpdated-38.jpg Charts 2017 - CATERPILLAR DEALER RETAIL SALES BY REGION Synchronized global growth has been the dominating theme in 2017. Caterpillar’s dealer sales by region illustrate this theme as well – with global retail sales rising 13% year-over-year as reported in their third quarter earnings release https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995296447-IBOR5UKEXJTHEV09XZMX/19.jpg Charts 2017 - GDP Economic cycles don’t die of old age. While the current economic cycle has been unusually long, when comparing the cycle with previous ones in terms of quantity – and not time – reveals an economy with plenty of time (and capacity) left for continued economic growth. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995298877-69AFZWJOAFH91HZGO3F9/20.jpg Charts 2017 - US MANUFACTURING TRENDS Hurricane Harvey & Irma trimmed US economic activity in September, primarily affecting manufacturing output. However, the nation’s economy showed encouraging resilience in a month of disruption as the flash estimate for the broader Manufacturing Index came in at 54.6; comfortably above the 50 point threshold that indicates expansion. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995322850-KMJ1PSMNIB6SAIFN5K3P/2018-08-07%2B%282%29.png Charts 2017 - THE EUROZONE RECOVERY IS BEING DRIVEN BY DOMESTIC DEMAND Strong Consumer Confidence, improving labor markets, and low interest rates are all contributing to the domestic demand forces driving the Eurozone’s recovery. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995330170-6HAN6WGA5BTA29YJU4T7/22+%281%29.jpg Charts 2017 - ASSETS HELD BY THE FEDERAL RESERVE The end of an era for unprecedented monetary policy. The Federal Reserve announced on 9/20/2017 that it will start to unwind the easy money policy that it has pursued since the Global Financial Crisis and will begin to allow $10BN of bonds mature every month starting in October. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995333246-LA04MATSUJJ0350SM069/23.jpg Charts 2017 - U.S. OUTPUT GAP AND BUSINESS CYCLES The output gap – which measures potential GDP, realized GDP, and estimated natural rate of employment – has narrowed; reflecting realized growth that is essentially in line with potential growth. Reaching a low of -6% in 2009, the level of “slack” in the economy has almost been worked-off. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1603995338023-IVPJUR5WD7DCFIIRITOS/24.jpg Charts 2017 - HOUSEHOLD'S GROWING NET WORTH Improving home values and rising equity markets propelled the total net worth of U.S. households further into record territory during the second quarter of 2017. https://www.legacytrustcompany.com/charts-2019 daily 0.75 2020-12-14 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980427674-JMUG17FIEIJOYFS6HE06/image-asset.jpeg Charts 2019 - Recession Risks Multiple economic models showed recessionary risks increasing throughout 2019 but have recently started to retreat. It appears that they will continue to come down from the elevated levels as the global economy is poised to continue to grow into 2020. Low inflation, easy monetary policy, robust consumer spending and a relatively strong global services sector combine to propel economic growth forward into the New Year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980427674-JMUG17FIEIJOYFS6HE06/image-asset.jpeg Charts 2019 - Recession Risks Multiple economic models showed recessionary risks increasing throughout 2019 but have recently started to retreat. It appears that they will continue to come down from the elevated levels as the global economy is poised to continue to grow into 2020. Low inflation, easy monetary policy, robust consumer spending and a relatively strong global services sector combine to propel economic growth forward into the New Year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980427905-8N479Q196119VM09J07A/image-asset.png Charts 2019 - Individual Investors Flee From Stock Market The markets continue to climb the proverbial “wall of worry” as illustrated through investment flows amongst asset classes. Individual investors have pulled a record amount out of the equity markets this year despite the S&P 500 Index on pace for the best year since 2013. The equity markets have experienced seven consecutive quarters of net outflows; with these outflows accelerating significantly in the fourth quarter of 2018 (in the midst of the drawdown experienced - the timing could not have been worse; meaning most retail investors sold at the worst time and have not benefitted from the rebound we have experienced this year). This continues to be one of the most unloved bull markets in history. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980427224-RXWFP7WYLHCRQU2N3WQO/image-asset+%281%29.png Charts 2019 - "Winners" in Trade War Countries that have benefited the most from the US-China trade dispute: https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980425709-J6FGRZNE6YPYDDJR46ET/11.18%2Bctm.png Charts 2019 - Value Versus Growth Value stocks have staged quite the comeback over the past three months as the S&P 500 Value Index has delivered a return twice that of the S&P 500 Growth Index. Even after this brief stretch of outperformance, valuations for value stocks remain at their most attractive level in years relative to growth stocks. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980425489-93718Z0QII0L03YJC7NQ/11.12%2Bctm.png Charts 2019 - Small Business Optimism Small business optimism increased more than expected in October, rising from 101.8 up to 102.4 compared to economist expectations for an increase to just 102.0. After a sharp drop from its high in August 2018, small business sentiment hasn’t rebounded much off its lows, but it is at least showing some sign of optimism. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980425002-EBNVAZG65NF1DOTFLEJ0/11.11%2BCTM%2B2.png Charts 2019 - Yield Curve Normalizes Earlier this year, longer-term yields fell below shorter-term yields leading to what is known as an inverted yield curve. In late August, the 3-Month Treasury Bill yielded 0.5% more than the 10-Year Treasury Note. We have since seen a normalization of the yield curve as it completely uninverted last week for the first time since November 2018 - a positive sign for investors. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980424740-T58RPYQAZKIOPMZ1DN1W/11.11%2BCTM.png Charts 2019 - International Equity Markets The valuation levels of European stocks are significantly cheaper than that of U.S. stocks; a reflection of the market pricing in the ongoing political risks (e.g. Brexit) and growth concerns. Reversion to the mean is a powerful force. Should we begin to see a turnaround in macro data out of Europe, this reversion may begin to take hold with the market favoring International equity markets over U.S. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980423627-3UGX29HD1SGSM3OLJT7E/10.1.2019%2B2%2BCTM.png Charts 2019 - Total Return (WSJ) Some investors associate safety with a stock that pays a hefty dividend yield. While the income potential might be attractive, it is always important to look at investments from a total return perspective which includes both price return and income return. As shown in this chart, stocks within the S&P 500 Index that pay the highest dividend are among the biggest decliners in terms of price over the past year. One can always “create their own dividend” by trimming the price appreciation of a stock that might not pay as much income. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980423792-033IJTY7IHULWQZ5792K/10.1.2019%2BCharts%2Bthat%2BMatter.png Charts 2019 - Third Quarter 2019 Wraps Up (WSJ) While the third quarter ended on a relatively quiet note, with the S&P 500 Index eking out a modest gain of 1.2%, it was a dizzying three months underneath the surface across the equity and fixed income markets. The chart illustrates the one of the key roles of fixed income in a portfolio – providing ballast in times of equity market stress – as yields fell sharply in August (yields fall, bond prices rise) in conjunction with the drawdown experienced in the equity markets. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980422882-O7YZRMQQ4TZ8QX1XDYUM/9.16%2BCharts%2Bthat%2BMatter.png Charts 2019 - Change in the Trend The growth trade that has worked so well for investors this year – and over the course of this bull market run – has come under pressure over the past few weeks with value staging an impressive 4.1% outperformance streak since August 27th. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980422808-KLDPVL0PUN0TWH7FS40A/9.9%2BCharts%2Bthat%2BMatter.png Charts 2019 - Global Manufacturing Slump Elevated global trade tensions, particularly between the U.S. and China, have led to significant weakness across the global manufacturing sector since early-2018. Thankfully, most global service sector gauges remain in expansionary territory, with the U.S. Services Purchasing Manufacturer’s Index coming in at 56.4 for August. It is important to remember that the U.S. economy is a consumer based economy and manufacturing comprises a relatively small share of overall U.S. GDP as shown in the chart below. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980434577-TSGNYHE47JI096N9L7TI/Picture3.png Charts 2019 - Staying Invested Staying invested in times of market stress is illustrated here. The chart shows different dates an investor could have switched their portfolio to cash in the late 2018 correction. The outcome that resulted in the highest ending balance was staying invested. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980434045-N929T3PRJG7UI87D5CUK/Picture2.png Charts 2019 - Tariff Start Date Change Tariffs on consumer products were pushed back to commence September 1st and December 15th for different product categories. To this point, tariffs on China have not been necessarily on broad categories of consumer products as the ones coming up are set to be. U.S consumers would likely notice higher prices should these tariffs go into effect. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980433789-9KHBIAWDYEEL56K2VYSI/Picture1.png Charts 2019 - Rate Cut The Federal Reserve lowered their target rate for the first time since 2008. Each of the two last times that interest rates were cut, a recession and many more rate cuts followed. This time, the U.S economy is strong on its own but global threats loom overhead. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980426411-O4FFLXYJLUEXAHH5K57B/aug%2B2.jpg Charts 2019 - Consumer Impact The next round of tariffs that have been threatened by President Trump will have the most impact on consumer goods. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980429924-4ZYRQAA0DYXL545D4CC0/july%2B29.jpg Charts 2019 - Trade War With little progress being made on ending the trade war, imports of U.S. soybeans by China have dropped to the lowest level since 2004 at just over 5 million tons. To put this in context, China imported soybeans at a rate of 3.2 million tons a month in the first half of 2017. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980429958-KKMXZU56S04XDHF6SCE9/july%2B17%2B2nd.jpg Charts 2019 - Strength in Retail Sales Another sign of strength by the U.S. consumer was revealed in the Retail Sales report showing retail sales rising for the fourth consecutive month. The Retail Sales report covers the durable and nondurable portions of consumer spending and highlighted the broad based spending across categories by the consumer. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980429169-E6NP00UCOFHL2QS6EO17/July%2B17.jpg Charts 2019 - Consumers Remain Strong Consumer spending is estimated to grow at a 4.3% annual rate in the second quarter – the fastest pace since 2014 – according to forecasting firm Macroeconomic Advisers. The U.S. is a consumer based economy – with consumption accounting for approximately 70% of economic growth. The strong growth in spending bodes well for continued expansion in the second half of 2019 and into 2020. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980428423-ZJQBE1BEZ640AUU4EZ5G/July%2B3%2B2nd.jpg Charts 2019 - Earnings Forecasts Continue to be Revised Down Earnings headwinds have been plentiful – stronger dollar, lower oil prices and continued uncertainty regarding trade to name a few. More than 80% of S&P 500 companies that have revised their profit estimates one way or the other in the lead-up to reporting have slashed them, data compiled by Bloomberg show. Analyst estimates now call for a 2.5% drop in earnings for the second quarter. Unless companies exceed analyst earnings estimates, this would mark the first profit contraction in three years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980428733-XJTDD1DM3TO8W76574CE/July%2B3%2BJPEG.jpg Charts 2019 - Economic Data for Eurozone Surprising to Upside The IHS Markit Eurozone composite purchasing managers’ index (PMI) – used to gauge the direction of economic trends in the manufacturing and service sectors - strengthened to 52.2 in June, up from 51.8 in May, for the Eurozone. June’s PMI reading is the highest level since November 2018, signaling a pick-up in economic growth for the area. Most of the growth was driven by expansion in the services sector; helping to offset the downturn in manufacturing activity that continues to be dampened by tariff threats. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980430712-FI81ESV1YUUCXOSHFWLG/June%2B17.jpg Charts 2019 - U.S. – China Trade Tensions Consumer items have largely been spared by tariffs thus far into the trade war. Should the U.S. proceed with imposing tariffs on an additional $300 billion, there will be few items spared as illustrated in the change from current percentage of imports subjected to tariffs on the left to the percentages on the right under the proposed increase in tariffs. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980430660-6005WZR6MXR694XKXH6Z/June%2B14.jpg Charts 2019 - Inflation Expectations University of Michigan’s Survey of Consumers for June showed that survey respondents voiced concerns over tariffs, which may negatively impact growth and inflation. The 5-10 year inflation estimate from the survey declined to 2.2%, the lowest on record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980432537-BYCCPW06POPAFGGWDACQ/May%2B20.jpg Charts 2019 - Leading Economic Index The Conference Board’s Leading Economic Index (LEI) level increased to a new cycle high through April. However, annualized growth in the index slowed to 2.7% - the weakest growth rate since 2017. A further slowdown in the rate of improvement bears watching. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980431549-LFOVX502JHFSUEG828DA/May%2B13.jpg Charts 2019 - U.S. – China Trade Tensions Trade tensions between U.S. and China have been renewed as the U.S. increased tariffs to 25%, from the previous rate of 10%, on $250 billion of Chinese imports last Friday. Tech-related imports are facing the largest impact from the increased tariffs. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980431589-LOBLE3QWQ8ICW3A2Q3RY/May%2B6.jpg Charts 2019 - Economic Growth in the U.S. Economic growth in the U.S. – as measured by Gross Domestic Product (GDP) – beat estimates by a wide margin in the 1st quarter as the economy expanded at an annualized pace of 3.2% for the quarter versus the 2.3% Bloomberg consensus estimate. Contributions to growth were experienced across each major category of GDP. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980426411-YPVR9MV3ZNAS89GFRPTZ/April%2B29.jpg Charts 2019 - Rebound In Corporate Earning Revisions Analysts became extremely pessimistic on their outlook for earnings growth in the midst of the 2018 market selloff; with downward revisions to their earnings growth estimates throughout the fourth quarter. With a majority of companies exceeding estimates for first quarter earnings across the globe, analyst are now revising their pessimism and therefore earnings outlook. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980433347-LOI8BCKX41F92DZQC3DC/PicApril6.jpg Charts 2019 - Manufacturing Activity Stabilizes in Asia for March China led a rebound in manufacturing activity across Asia during March. The IHS Markit manufacturing purchasing managers’ index rebounded to 50.5 from 49.2 for China – the largest increase since 2012. Levels above 50 indicate expansion. Additional evidence is needed to confirm whether or not the economies across Asia are stabilizing. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980432965-QDFPUAWBSGBYH7WJEDU7/PicApril5.jpg Charts 2019 - Economic Growth Cools Down in the Final Quarter of 2018 Fourth quarter GDP growth was revised down from the initial 2.6% estimate to 2.2% as government and consumer spending were less than originally estimated. This final estimate for the fourth quarter brings economic growth for the full year of 2018 to 3%; the fastest pace since 2005. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980432259-7FGXY0GJK0D0JZPYMI1C/PicApril4.jpg Charts 2019 - The Yield Curve Inverts On March 22nd, the yield on the U.S. 10-year Treasury note dipped below the yield on the three-month paper. While an inverted yield curve often precedes a recession, not all inverted yield curves lead to a recession. Furthermore, while it may be a recessionary signal, it tells us nothing about the timing of such recession. See Legacy’s Insight Piece, “Inversion of the U.S. Bond Yield Curve” for additional commentary. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980438788-1Z2V1Z13E7SK219T0FL0/Picture13.jpg Charts 2019 - Market-Projected Rates Diverge from Fed Projected In February, Fed Chair Jerome Powell reiterated the case for a patient interest-rate policy given “muted” inflation pressures and slowing global growth as a risk to their outlook. The market now expects zero hikes in 2019 relative to the Fed’s projection of two hikes in 2019. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980438424-ZYLCBPMSR2L0BLIO5F7D/Picture12.jpg Charts 2019 - Rekindling the US – European Trade Dispute U.S. and European differences over agriculture threaten to rekindle a tit-for-tat trade war as Congress and some Trump administration officials are demanding access to European markets following a trans-Atlantic trade truce in July. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980438032-QZVB166CW4PKWG66JJO3/Picture11.jpg Charts 2019 - Job Openings Rise to a Record High in December Job openings increased to a record high of 7.335 million during the month of December and exceed the total number of unemployed persons (6.294 million) by more than 1 million positions. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980437153-SPUOFLO8ED7CQTWUU2J3/Picture10.jpg Charts 2019 - Short-Term Cash Rates Now Yield More Than Inflation For the first time since 2008, for the first time since early 2008, the three-month Treasury bill has a higher yield than the market’s expectations for inflation over the next 10 years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980437536-OCOJ6CEJMURB6Z91UNXB/Picture9.jpg Charts 2019 - Banking System Liquidity & Equity Valuations In conjunction with the shrinking of the Federal Reserve’s balance sheet, there has been a significant decline in banking system excess reserves. The explosion in banking system liquidity has been noted as a key driver behind the equity market rally since 2009; the subsequent draining may limit equity returns going forward. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980436408-ZQCUDZ3S04AFY1TA0SNZ/Picture8.jpg Charts 2019 - Rural America Feeling the Impact of Tariffs Rural America has suffered a multiyear slump in prices for corn, soybeans and other commodities touched off by stiff foreign competition and a world-wide glut. Tariff retaliation from China, Mexico and elsewhere has further roiled agricultural markets and pressured farmers’ incomes. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980436133-5SRDQQTHVQU8KK0KH9A9/Picture7.jpg Charts 2019 - Global Expansion BlackRock's "US-China relations" macro risk indicator has been declining. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980435598-O12T7FZ5EVKE1OPB73R9/Picture6.jpg Charts 2019 - Global Expansion The synchronized global growth story told throughout 2017 has decoupled as the percentage of countries in expansion drops below long-term average. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607980434801-MHYD1XQ0OBMNU4LR8X7Q/Picture5.jpg Charts 2019 - Equity Market Selloffs Sharp selloffs – such as that experienced in the fourth quarter of 2018 – don’t have a great track record as a recessionary indicator. https://www.legacytrustcompany.com/charts-2020 daily 0.75 2021-04-12 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1618239511082-DO6KTDBMDHLBI0VHXRJW/image-asset.png Charts 2020 - International Earnings Set to Exceed U.S. Following a decade of underperformance, a new global economic cycle may usher in a resurgent period of outperformance for international equity markets. 2021 may indeed mark the beginning of this rotation – international equity markets stand to benefit the most from the expected surge in global economic growth as reflected through analyst earnings growth expectations for the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1618239511082-DO6KTDBMDHLBI0VHXRJW/image-asset.png Charts 2020 - International Earnings Set to Exceed U.S. Following a decade of underperformance, a new global economic cycle may usher in a resurgent period of outperformance for international equity markets. 2021 may indeed mark the beginning of this rotation – international equity markets stand to benefit the most from the expected surge in global economic growth as reflected through analyst earnings growth expectations for the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1617309308897-GVX2NLFU1DM7MGNGI8JZ/image-asset.png Charts 2020 - Housing Demand Shows No Slowing Home prices have continued their sharp ascent – as millennials continue to enter the housing market, mortgage rates remain attractive, and demand is far outpacing supply with just 1.5 months of home supply on market based on current demand levels https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1617309196253-RV5R6RYD1IH4E9M7QJUV/image-asset.png Charts 2020 - Corporate Guidance Shows Optimism A record high number of S&P 500 companies have issued positive earnings and revenue guidance for first quarter of 2021 – which should help the trend of earnings growth driving returns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1616078803895-41N0LOINT4P3AI9J8JI2/image-asset.png Charts 2020 - Leisure & Hospitality Jobs Stage Comeback U.S. Economy Added 379,000 Jobs in February The labor market continued to heal in February as the U.S. economy added 379,000 jobs, easily beating the consensus expectation of 200,000 jobs. A particular bright spot within the February employment report was the 355,000 gain in jobs at leisure & hospitality businesses, which shows the waning effects of COVID-19. Given the weather effects in February, the ongoing rollout of the vaccine, and government stimulus programs, look for even faster overall job growth in March. Why it matters: An increase in jobs translates into greater spending power for consumers and therefore a healthier, faster growing, economy. Greater spending power equates to higher levels of consumption – the backbone of the U.S. economy as consumption accounts for approximately 2/3rds of economic growth. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1614186650174-LLUSSTEM5WTNRDTPHA90/image-asset.jpeg Charts 2020 - Path to Herd Immunity One key variable to the strong economic rebound expected globally in 2021? Herd immunity achieved through natural infection and vaccination . Despite a slow start, the pace of vaccinations in the United States now exceeds 1.25 million per day and growing. At this rate, the United States can approach herd immunity by the 2nd half of 2021. As we approach herd immunity, business and social activities should begin to normalize and a release of pent-up demand by consumers have the potential to contribute to the strongest growth numbers we have seen in years https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1614186495178-X99AKK603PO66UAV9IGG/image-asset.jpeg Charts 2020 - January Retail Sales Coming in hot are January retail sales – which posted huge gains and exceeded economist expectations by a wide margin (+5.3% for the month vs. economist estimates at 1.1%). Consumer spending accounts for more than two-thirds of the economy, so knowing how the consumer is faring provides a pretty solid glimpse into where the economy is headed. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1614186261923-GB5B7PJ3C9T14IK0VA48/image-asset.png Charts 2020 - Citi's Economic Surprise Index The US economy – which happens to be in a significantly better position than just about anyone would have expected only 11 months following a global economic shutdown – is still being underestimated as illustrated in the Citi Economic Surprise Index. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1614185979820-D3GBDRJYG9HIM6X9JJZY/image-asset.jpeg Charts 2020 - Small Cap EPS Forecasts Outpace Rivals Earnings revisions forecasts for small cap companies (Russell 2000 index – white line) have been dramatically outpacing those of their large cap peers (S&P 500 and NASDAQ). Sentiment may ebb and flow but fundamentals move rather steadily. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1612993436752-AXS9XC2HZC8MO4ME66LI/image-asset.png Charts 2020 - Volatility in Perspective Despite the S&P 500 Index experiencing an average intra-year decline of 14.3%, it has managed to recover and deliver positive returns in 31 of the last 41 years. Why it matters: Equity markets are volatile and declines are to be expected. The stock market’s ups and downs are unpredictable and nearly impossible to time, but history supports an expectation of positive returns over the long term. For the best shot at the returns the markets can offer, it is important for investors to see through the volatility and stay focused on the long-term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1612993372524-474DFWA2GKSAPCUTKEOT/image-asset.png Charts 2020 - Small Cap Valuations Small cap valuations are still attractive relative to their large cap counterparts, even after the recent stretch of outperformance that started in the 4th quarter of 2020. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1612105179601-UNHDRSF4HT8B3ATFBVI2/image-asset.png Charts 2020 - 2021 GDP Growth Projections Rise Economists continue to raise their economic growth forecasts for 2021 with the International Monetary Fund most recently upgrading their growth forecast for the global economy from 5.2% to 5.5%. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981726788-D84TCX0FBBB7IPUX3KOJ/image-asset.png Charts 2020 - S&P 500 Weighting of Top 5 Stocks The winners of today doesn’t mean they will be the winners of tomorrow. Maintaining market leadership can be challenging. The 5 largest stocks in the S&P 500 back in 2000 represent just 8% of the S&P 500 today. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1608239113023-TBDO1DYPKTKIZZS144ZQ/image-asset.png Charts 2020 - Economic Recovery With the vaccine in route to patients, the economy could return to pre-pandemic levels far sooner than most economists anticipated. The square root shaped (√) recovery appears to be gaining further traction. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981726601-FTBG7Z9NRT8IIQ0AH2OJ/image-asset.jpeg Charts 2020 - The Violent Rotation From Growth To Value The recent positive vaccine news from Pfizer serves as a boost to value stocks that have been beaten-down throughout the pandemic. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981709809-12Z4XICXOBK28IYBT9EV/image-asset+%281%29.png Charts 2020 - U.S. Job Openings The number of U.S. job openings climbs back to pre-pandemic levels as the labor market continues to recover. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981713824-626K3VGX87FGI9RGST7O/image-asset+%285%29.png Charts 2020 - Recovery in U.S. Real GDP With historic third-quarter growth, the United States has now recovered two-thirds of the economic output lost due to the pandemic during the first half of the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981709766-5KL1WH27ED1EUIBOHNU3/image-asset+%281%29.jpeg Charts 2020 - Business Cycle Update Fidelity Investment’s Asset Allocation Research team, along with several other firms, believes the U.S. as well as many other major economies have progressed out of the recession and entered the early-cycle recovery phase of the business cycle. This bodes well for investors as equity markets have generated some of the strongest returns in the early cycle phase. Nevertheless, bouts of volatility should be expected as we approach the election and navigate the remaining uncertainties with the virus. Portfolio diversification remains critical to success when faced with uncertainty. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981711596-X60SRU74S8HBGGXNUU38/image-asset+%282%29.png Charts 2020 - The Fastest Bear Market Recoveries The U.S. equity markets took only 126 trading days to fully recover from the first quarter bear market (defined as a 20% or more decline in prices) – the fastest recovery on record. This also follows the fastest bear market on record as the S&P 500 lost 20% in just 16 trading days during the first quarter. Historically, the faster the decline the faster the rebound and this year is no exception https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981712407-090ER1UUQI431CC4FA4L/image-asset+%283%29.png Charts 2020 - Staying Invested Matters Time in the market is far more important than timing the market. By missing some of the market’s best days, investors can lose out on critical opportunities to grow their portfolio and market timing can have devastating results. By missing out on just the 10 best days in the market from 2000 to 2019 – a period that includes two recessions - an investor’s return would have been reduced by more than half. Even more notable is that six of the 10 best days occurred within two weeks of the worst 10 days for the markets! It’s always darkest just before dawn. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981710513-UU3S24LJFS7BOZIRX8C9/image-asset+%282%29.jpeg Charts 2020 - Waiting to Buy? It may never “feel good” to invest new dollars into the equity markets. If markets are hitting new record highs, it may feel better to wait for a pullback before getting into the markets. Conversely, if markets have just fallen into correction territory (a drop of 10% or more), it may feel better to wait and see if the markets continue dropping in an attempt to catch the bottom. History reveals otherwise: • After the S&P 500 index has hit all-time highs, the subsequent one-, three-, and five-year returns are positive, on average. • After the S&P 500 has fallen more than 10%, the subsequent one-, three-, and five-year returns are also positive, on average. It is important not to “anchor” your investment decisions based on price levels; recent market performance should not influence the timing of investing. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981713080-Q8XA1CQDK5DSPOHXH22B/image-asset+%284%29.png Charts 2020 - Economic Data Continues to Exceed Expectations The equity market rebound since March has been supported by U.S. economic data that not only continues to improve in aggregate, but has also exceeded sell-side estimates for nearly the duration of 2020 as illustrated in the Bloomberg U.S. Economic Surprise Index – a measure of economic data reported vs. economists’ expectations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981711949-9R6MT0PG8LS5J583DAVE/image-asset+%283%29.jpeg Charts 2020 - Stock Market vs. Economy The stock market doesn’t need conditions to go from bad to great. Rather, it just needs to see an improvement in conditions. As the economy begins to heal, stocks have rebounded. You can see this clearly looking at a chart of the S&P 500 (white line) vs. initial jobless claims (red line). The stock market bottomed right as the pace of layoffs hit their most intense level, and has been rebounding alongside an ongoing decline in weekly job losses. While jobless claims are only one economic indicator, it does indicate conditions have started to improve. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981713987-S704Y7H8D0MYKPO16BWM/image-asset+%285%29.jpeg Charts 2020 - Labor Market’s Surprise Strength Despite more than 9 million new claims for unemployment insurance in May, the U.S. economy added more than 2.5 million jobs in May versus the expected decline of 7.5 million. The 2.509 million jobs print was the strongest monthly gain on record and followed April’s decline of 20.687 million, which was the worst print in the history of the data, which dates to 1939. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981715919-N6T3LF8PZN498TUGLKA1/image-asset+%288%29.jpeg Charts 2020 - Equity Market Rebound Through May 20th, the S&P 500 posted the second strongest 40-day rally on record, just behind the return posted off the March 2009 lows coming out of the Great Financial Crisis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981719424-PLBCI42RTTCJFMRZMBKT/image-asset+%2810%29.jpeg Charts 2020 - US Savings Rate The US savings rate increased by the highest percentage in 39 years. U.S. incomes fell in March but not as much as spending did – leading to a substantial increase in savings rates. The question is whether or not households will boost consumption when lockdown eases – or be driven by fear and continue to save after realizing they were not equipped to get through this situation. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981714686-7WUGNTXOHB9UPLZ8KQUN/image-asset+%286%29.png Charts 2020 - Tech Dominance in S&P 500 Earnings Some concern has been noted regarding the dominance of Tech in the S&P 500 – in terms of performance and also in weighting as the top 5 names account for 21.1% of the S&P 500 market cap. Looking at the earnings power of these 5 companies, however, reveals a picture that justifies high weighting as they account for approximately 16% of the S&P 500 index by earnings. Strong profits generated by selling products consumers want more now than ever, strong balance sheets, loads of cash, stable cash flows, little debt and solid management teams helps justify their strong performance as well. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981717462-KGHOY2YXYB1E67UZMY5I/image-asset+%289%29.png Charts 2020 - Resilience in Emerging Markets Emerging Market Growth forecasts have proven much more resilient relative to their developed market peers. Not only are their economies expected to post stronger growth rates, Emerging Market government debt as a % of GDP is half that of developed economies. Prospects for emerging markets look bright on a forward looking basis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981715413-D9MNZRPRQSBT1YJUGALM/image-asset+%287%29.png Charts 2020 - Continuing Jobless Claims in Decline Continuing claims, which measure those individuals collecting unemployment benefits for at least 2 consecutive weeks, continue to gradually improve. For the week ended July 10th, continuing claims were slightly higher than 16 million, but down 9 million since May, indicating the labor market continues to move in a positive direction, albeit slowly. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981716679-UJQ5YCL2DV9A1LNX0HQR/image-asset+%288%29.png Charts 2020 - US Industrial Output Roars Back The streak of upside economic surprises continues. The June industrial production figures topped economists' forecasts, as factory output climbed further. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981718890-UNLR72WSBUL2HOHX7RY4/image-asset+%2810%29.png Charts 2020 - Europe Keeps Unemployment Rate in Check Europe has been able to cushion the blow to the labor market through generous furlough programs where governments have provided subsidies to workers for the hours they’re not employed. This allows companies to keep more employees on their payroll without triggering a spike in unemployment. This also allows companies to avoid the costly process of rehiring workers as their economies restart. This is likely a factor in the outperformance of International Developed equity markets relative to the U.S. equity markets over the trailing 2-month period. It will be important to monitor the impact when Europe begins to slowly remove this life support for companies. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981714544-IGDSIOPO7LK5E0K0AT5K/image-asset+%286%29.jpeg Charts 2020 - Economic Data Exceeding Expectations The Citigroup Economic Surprise Index continues to reach record high levels as economic data has continued to exceed expectations. The index is a measure of economic data reported versus expectations. Measures above 0 indicate economic data has been exceeding analyst expectations. Hitting new records is supportive of the stock market as economic data continues to trend in the right direction (less bad) and exceed all expectations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981712620-RJUJO1MKE1SH6J5K4MES/image-asset+%284%29.jpeg Charts 2020 - Stock Market Industries Impacted the Most The following 5 COVID-19 sensitive industries accounted for less than 10% of S&P 500 operating earnings in 2019. Therefore, the direct impact to the stock market is not as significant as some may think. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981715201-Y79VZ2NIF6OLS3JQ4PQK/image-asset+%287%29.jpeg Charts 2020 - Energy Markets – A Perfect Storm A glut of supply, demand coming to a hault and storage levels near capacity have driven oil prices to record lows. However, the selloff that reverberated across headlines yesterday was driven more by dislocation in the futures market. The May Futures contract for NYMEX Crude oil, set to expire today, fell deeply into negative territory as nobody wanted to take delivery on the expiring contract. Futures contracts for June held above $20/bbl. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981717414-NNN7LT1A9Z1PDTYUPFD8/image-asset+%289%29.jpeg Charts 2020 - Chinese Economic Growth Crashes The Chinese economy shrank 9.8% in the first quarter, the worst quarterly reading on record and dragging year-over-year (YoY) growth down to -6.8%, also a record low https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981720319-OJC7SEZVUPESDECA4MRH/image-asset+%2811%29.jpeg Charts 2020 - Economic Uncertainty The full roster of second quarter 2020 GDP (gross domestic product) estimates is a brief example of the economic uncertainty posed by the coronavirus. Regardless of which firm is right, the number is going to be ugly. To put in context, the peak-to-trough decline in GDP during the Financial Crisis was -4%. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981721412-9XL7JA9KJZ5ZIK9K2BVZ/image-asset+%2811%29.png Charts 2020 - Jobless Claims Surge Number of Americans applying for unemployment benefits surged for a second week to reach nearly 10 million over the last two weeks. A record 6.65 million people filed claims nearly doubling the record set the week prior. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981721451-UWAJUUQVE2Q49HH97DQP/image-asset+%2812%29.jpeg Charts 2020 - Quantitative Easing at Full Speed The unprecedented speed at which the Fed has purchases securities and injected liquidity into the markets speak to the severity of the situation the economy is facing. The chart below compares the current quantitative easing (QE) program to the QE programs launched during and subsequent to the Great Financial Crisis. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981722351-CPA37OJPRNCM87FHS7Y6/image-asset+%2812%29.png Charts 2020 - Oil Price Collapse Price of oil collapses by almost 1/3rd to $30 per barrel as Saudi Arabia launches a price war in response to Russia refusing to cut production. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981725927-JZ92PJITQ7Q5G1KSF7EH/image-asset+%2818%29.png Charts 2020 - Flight to Quality Amid fears of the coronavirus, U.S. Treasuries have benefited from a flight to quality. The 10-year treasury yield has fallen to a new record low (bond prices move inversely with interest rates). https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981722336-GRG4OO0QU4JPJKRT9GUE/image-asset+%2813%29.jpeg Charts 2020 - Manufacturing Activity Rebounds The manufacturing sector continues to show signs of stabilizing following months of slowing down. While manufacturing only represents approximately 12% of economic growth in the U.S., the health of the sector is an important gauge for the overall economy. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981723674-0S3SD46EEVNT03KIB3M1/image-asset+%2814%29.png Charts 2020 - Eurozone’s Economy Surprising to Upside Citi’s Economic Surprise Index for the Eurozone – a measure of where economic data comes in relative to economist expectations – has rebounded sharply over the past few months as reported economic data continues to exceed depressed expectations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981724470-3KZCJ5UIIWURPQLXQ88P/image-asset+%2816%29.png Charts 2020 - Negative-Yielding Debt Jumps Following several consecutive months of yields rising on the back of improving economic data, global interest rates have started to retreat as investors pile into safe-haven assets amid fears over the deadly coronavirus spreading from China. According to Bloomberg, the pool of negative yielding debt surged by $1.16 trillion last week – the largest weekly increase since at least 2016 when Bloomberg began tracking the data. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981725931-I8C9VY0WPAN9PQCPGI58/image-asset+%2817%29.png Charts 2020 - S&P 500 Leaders The largest tech firms in the S&P 500 accounted for a sizeable portion of the market’s 2019 returns; with Apple contributing over 7% by itself. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981724670-DN8BLZOV3KJ91Q175PN6/image-asset+%2815%29.png Charts 2020 - Investor Fund Flows Fund flows can serve as an indicator of investor sentiment. Despite the strong returns in 2019, investors pulled nearly $300 billion from the equity markets in 2019 in favor of money market funds (cash) and fixed income. A sign that this continues to be the most unloved bull market in history. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1607981723062-HKPY4A0OEDXLDWCWRHDO/image-asset+%2813%29.png Charts 2020 - Global Growth Rebound The JP Morgan Purchasing Managers Indexes (PMIs) – a measure of economic trends in the manufacturing and services sectors – stabilized heading into year-end. With the reprieve in trade tensions following the phase one trade deal, economic growth appears poised to accelerate through the first half of 2020. https://www.legacytrustcompany.com/charts-2021 daily 0.75 2022-03-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647026489335-JF8QZNLL38GZSNNMCG97/image-asset.png Charts 2021 - The Consumer & Gas Prices The consumer is poised to weather the current oil price shock. Household balance sheets and income statements are historically strong. While the price of gasoline breaches new highs, spending on gasoline and other energy goods as a percent of disposable income for the consumer remains below average at 2.3%. While this is set to increase in the coming months, it still has a significant way to go before breaching the highs reached in the prior decade. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647026489335-JF8QZNLL38GZSNNMCG97/image-asset.png Charts 2021 - The Consumer & Gas Prices The consumer is poised to weather the current oil price shock. Household balance sheets and income statements are historically strong. While the price of gasoline breaches new highs, spending on gasoline and other energy goods as a percent of disposable income for the consumer remains below average at 2.3%. While this is set to increase in the coming months, it still has a significant way to go before breaching the highs reached in the prior decade. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647026362422-FGJBZMDVFIXKDXIAYU1O/image-asset.png Charts 2021 - Strength of Labor Market U.S. hiring boomed in February as the economy added 678,000 jobs - exceeding economist forecasts for 423,000 jobs - and the unemployment rate fell to 3.8%. Importantly, the labor force participation rate increased to 62.3% - a welcomed increase as the supply of workers remains constrained. Nevertheless, the labor market still has 1.729 million jobs to add to stage a full recovery from the pandemic-induced recession. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647026730796-9GFZOTL5GLE633O18BFE/image-asset.png Charts 2021 - Trends in Strength The S&P 500 is up 86% of the time in the year following an annual performance of 25% or more. A hawkish Fed and continued COVID related volatility are valid concerns, but being bearish simply because of stellar performance in 2021 historically has been a unfavorable stance. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647026659347-BIHGNMWCB5Y2J2ISO5UY/image-asset.png Charts 2021 - Value Returns in 2022, So Far The bars in the chart above show the average year-to-date performance of the stocks in each decile of the Russell 1,000 Index. The stocks with the lowest price to sales ratios are on the left side of the chart, while the stocks with the highest price to sales ratios are on the right side of the chart. As shown, the decile of stocks with the highest price to sales ratios are already down an average of 7.8% so far in 2022. As you move from left to right on the chart, YTD performance gets worse and worse, meaning the higher the price to sales ratio, the worse performance has been. So far in 2022 we've seen a clear trend emerge: investors are selling stocks with high valuations and buying stocks with low valuations. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1636145162916-BVNQ8GDTI99HR6YD47WU/image-asset.png Charts 2021 - Rising Rates Historically Coincide Strong Market Returns Interest rates increased considerably during the quarter, which made many investors nervous. But rising rates historically have coincided with good stock returns—likely because they tend to happen when the economy is strong. Since 1980, gross domestic product (GDP) growth accelerated 60% of the time and stocks gained 82% of the time when the 10-year Treasury yield rose year over year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1636145288376-DW4YJBDEMAZ7GJAAC3K2/image-asset.png Charts 2021 - 2022 Social Security Cost of Living Adjustment Seniors and other Americans receiving Social Security benefits will see their payments increase by 5.9% in 2022 - their largest annual increase in over four decades - reflecting the cost of living adjustment (COLA) made based on the Labor Departments measure of inflation. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1636145364424-SADX04VT5TVRPWGH435Z/image-asset.png Charts 2021 - Markets Historically Shrug Off Government Shutdowns As shown below, equities on average do not react dramatically to budget authority expirations and resolutions. The typical government shutdown since 1980 has lasted just 3 days before a resolution was reached. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1636145457043-TUJQBKMO5KBMLNTX2440/image-asset.png Charts 2021 - Telehealth Here To Stay COVID disrupted how individuals interact with one another and telehealth is a telling example of the stark shift in human behavior. McKinsey & Company saw telehealth claims peak at almost 80x previous levels in April 2020. The shift to telehealth has remained 38x higher than pre-Covid levels, indicating what is likely the new normal for patient/doctor interaction. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1636145526893-WQ5VMGMWDRIRD8JIP1B9/image-asset.png Charts 2021 - Labor Shortages Amidst Abundant Opportunities 50% of small business owners had job openings they could not fill in August, a record high, according to a National Federation of Independent Business survey. Almost 1/3rd of these small business owners are planning to create new jobs in the next few months, another record high. As additional unemployment insurance benefits fall off in September, significant labor gains may be just around the corner. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1627933429318-QJGRM0YDI8XCCKHC3174/image-asset.png Charts 2021 - The V-Shaped Recovery in Growth 2nd quarter U.S. Gross Domestic Product (GDP) came in at a 6.5% annual growth rate, pushing the economy's size back to pre-pandemic level, as the U.S. finalizes the full "V" shaped recovery. However, the recovery is far from complete as the economy is roughly 2.4% smaller than it would be if COVID never hit and growth trends continued. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1627933343927-M9F6BZBVQLYIL0OB7FJX/image-asset.png Charts 2021 - COVID Recession Ends It's official: The COVID recession lasted just two months, the shortest recession in U.S. history to close out the longest expansion on record. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1627933235643-84096KSJYTCMSA0YDPZP/image-asset.png Charts 2021 - Reopening Sectors Effect on CPI The price pressures across "reopening" sectors such as airline fares & hotels paired with used auto price increases due to chip shortages continue to have an out-sized effect on inflation. Excluding these sectors, consumer price inflation looks far more subdued. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1625679768345-6ICXFDIUX5G0MTYMPXMD/image-asset.png Charts 2021 - Consumer Confidence Improves in June Report The Conference Board’s index increased to 127.3 from an upwardly revised 120 reading in May, marking a new post-pandemic high. The share of consumers that said jobs are plentiful increased to a 21-year high of 54.4% https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1625678772367-8NLFLQO5U4BTEH76ULYY/image-asset.png Charts 2021 - The Not So Lost Decade The investment period from 2000 to 2009 is often referred to as "the lost decade." This can be understood from the perspective of investors in the S&P 500, however their experience was not representative of the global asset class opportunity set. When we expand the opportunity set to include U.S. small-cap stocks, International stocks and other asset classes, we can see that the decade was not lost, and that investors with diversified portfolios across multiple asset classes experienced investment exposures with significant positive returns. Over this period, the S&P 500 posted a cumulative loss of -9.1% while Emerging Market stocks and Investment Grade Bonds posted cumulative gains of more than 154% and 84%, respectively. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1623085412743-R7DH8EQ66G4OP3VIP3N5/image-asset.png Charts 2021 - The Trouble with Market Timing Bloomberg data show that 15 of the 22 most popular US market timing indicators have lost money so far this year. All have underperformed a buy and hold strategy. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1623085098308-Y1LF8OZPZNX3F52NOB74/image-asset.png Charts 2021 - U.S. Economy Adds 559,000 Jobs in May The U.S. economy added 559,000 jobs in May to bring the unemployment rate down to 5.8%. However, there is still a lot of room before the job market stages a full recovery - with the broader U-6 unemployment rate remaining in double-digits at 10.2% and 7.6 million jobs less than pre-pandemic levels. As more than 24 states have moved to end the additional unemployment benefits in June, the economy may add millions of more jobs over the coming summer months. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1620848625898-5OFWTRLJUXKCHO4SZYFZ/image-asset.png Charts 2021 - Economic Data Shows Strength Despite Payroll Miss Despite a weak Payrolls report, economic data continues to show strength. Bespoke Investment Group's Matrix of Economic Indicators shows that the net number of indicators showing positive momentum hit the highest on record in March. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1620848932908-PLW48LUJK6FRNXS3VG2F/image-asset.png Charts 2021 - U.S. Vaccine Rollout Gains Momentum The U.S. has administered more vaccinations than any other country in the world with just shy of 40% of Americans now having received at least one COVID-19 vaccine dose. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485304032-WPUT1MTSVXACAI812D60/image-asset.png Charts 2021 - INTERNATIONAL EARNINGS SET TO EXCEED U.S. Following a decade of underperformance, a new global economic cycle may usher in a resurgent period of outperformance for international equity markets. 2021 may indeed mark the beginning of this rotation – international equity markets stand to benefit the most from the expected surge in global economic growth as reflected through analyst earnings growth expectations for the year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485365280-VSZ6YXMNB8E43BYHGQQG/image-asset+%281%29.png Charts 2021 - HOUSING DEMAND SHOWS NO SLOWING Home prices have continued their sharp ascent – as millennials continue to enter the housing market, mortgage rates remain attractive, and demand is far outpacing supply with just 1.5 months of home supply on market based on current demand levels https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485404425-KZPMHGKAHB47IE3CR2WD/image-asset+%282%29.png Charts 2021 - CORPORATE GUIDANCE SHOWS OPTIMISM A record high number of S&P 500 companies have issued positive earnings and revenue guidance for first quarter of 2021 – which should help the trend of earnings growth driving returns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485447823-FZ4YLBKZRDLDRGL2D4HL/image-asset+%283%29.png Charts 2021 - LEISURE & HOSPITALITY JOBS STAGE COMEBACK U.S. Economy Added 379,000 Jobs in February The labor market continued to heal in February as the U.S. economy added 379,000 jobs, easily beating the consensus expectation of 200,000 jobs. A particular bright spot within the February employment report was the 355,000 gain in jobs at leisure & hospitality businesses, which shows the waning effects of COVID-19. Given the weather effects in February, the ongoing rollout of the vaccine, and government stimulus programs, look for even faster overall job growth in March. Why it matters: An increase in jobs translates into greater spending power for consumers and therefore a healthier, faster growing, economy. Greater spending power equates to higher levels of consumption – the backbone of the U.S. economy as consumption accounts for approximately 2/3rds of economic growth. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485520878-0817CPQMAM8P5C4JYLNL/image-asset.jpeg Charts 2021 - PATH TO HERD IMMUNITY One key variable to the strong economic rebound expected globally in 2021? Herd immunity achieved through natural infection and vaccination . Despite a slow start, the pace of vaccinations in the United States now exceeds 1.25 million per day and growing. At this rate, the United States can approach herd immunity by the 2nd half of 2021. As we approach herd immunity, business and social activities should begin to normalize and a release of pent-up demand by consumers have the potential to contribute to the strongest growth numbers we have seen in years https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485558044-8IV9IAJQYE4ELBYXSXXD/image-asset+%281%29.jpeg Charts 2021 - JANUARY RETAIL SALES Coming in hot are January retail sales – which posted huge gains and exceeded economist expectations by a wide margin (+5.3% for the month vs. economist estimates at 1.1%). Consumer spending accounts for more than two-thirds of the economy, so knowing how the consumer is faring provides a pretty solid glimpse into where the economy is headed. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485595167-LYNR2P1VBNGRCT27FD6F/image-asset+%284%29.png Charts 2021 - CITI'S ECONOMIC SURPRISE INDEX The US economy – which happens to be in a significantly better position than just about anyone would have expected only 11 months following a global economic shutdown – is still being underestimated as illustrated in the Citi Economic Surprise Index. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485623764-TZCF5AO0D71WYYQSSUPR/image-asset+%282%29.jpeg Charts 2021 - SMALL CAP EPS FORECASTS OUTPACE RIVALS Earnings revisions forecasts for small cap companies (Russell 2000 index – white line) have been dramatically outpacing those of their large cap peers (S&P 500 and NASDAQ). Sentiment may ebb and flow but fundamentals move rather steadily. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485671198-MA0J7NJ740N6AI7NY5AM/image-asset+%285%29.png Charts 2021 - VOLATILITY IN PERSPECTIVE Despite the S&P 500 Index experiencing an average intra-year decline of 14.3%, it has managed to recover and deliver positive returns in 31 of the last 41 years. Why it matters: Equity markets are volatile and declines are to be expected. The stock market’s ups and downs are unpredictable and nearly impossible to time, but history supports an expectation of positive returns over the long term. For the best shot at the returns the markets can offer, it is important for investors to see through the volatility and stay focused on the long-term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485721760-POLKNAJ1V57RE2JGDE84/image-asset+%286%29.png Charts 2021 - SMALL CAP VALUATIONS Small cap valuations are still attractive relative to their large cap counterparts, even after the recent stretch of outperformance that started in the 4th quarter of 2020. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1619485750445-WQHB4NZC3Y0A1XVYI4JT/image-asset+%287%29.png Charts 2021 - 2021 GDP GROWTH PROJECTIONS RISE Economists continue to raise their economic growth forecasts for 2021 with the International Monetary Fund most recently upgrading their growth forecast for the global economy from 5.2% to 5.5%. https://www.legacytrustcompany.com/charts-2022 daily 0.75 2024-06-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677076878915-FFDJC6GTONIAUPGD9KON/image-asset.png Charts 2022 - Housing in Review September numbers for home prices across the country were released by S&P CoreLogic Case Shiller earlier this month and provide the latest look at home prices across the country. Since the pandemic lows (Feb. 2020), the National index is up 41% through September 2022, while markets in Tampa, Phoenix, and Miami are all up 63% or more. So far at least, areas in the southeastern US and south Florida that saw some of the biggest post-COVID gains have only seen minimal declines. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677076878915-FFDJC6GTONIAUPGD9KON/image-asset.png Charts 2022 - Housing in Review September numbers for home prices across the country were released by S&P CoreLogic Case Shiller earlier this month and provide the latest look at home prices across the country. Since the pandemic lows (Feb. 2020), the National index is up 41% through September 2022, while markets in Tampa, Phoenix, and Miami are all up 63% or more. So far at least, areas in the southeastern US and south Florida that saw some of the biggest post-COVID gains have only seen minimal declines. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717766184099-OUZKAMQ098BY3IH74W67/image-asset.png Charts 2022 - Technology: Transformative & Deflationary Mobile phones have replaced many of our previous everyday items while also increasing individual operating efficiency of users tremendously with their multi-functional nature. This simple, yet informative, graphic also illustrates how technology is a deflationary force over the long term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717766268425-O1G7OLMJCMLXZBXJORR1/image-asset.png Charts 2022 - Volatility..All Part of Investing in the Stock Market This week's chart provides a look at what investors must tolerate in order to receive the premium returns delivered by the stock market over the long term. While it is easy to get caught up in the day-to-day movements of the stock market, focusing on the long-term is paramount as the probability of achieving a positive return increases significantly. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717766806578-3IVIY4SOF2FNOYI34RRL/image-asset.png Charts 2022 - Supply Chain Improvements Supply Chain Improvements The latest ISM Services Index update - utilized to assess the overall health of the broad based services industry in the United States - was released this week and was noteworthy on two fronts. 1) Prices paid fell quite a bit month-over-month, which sparked a brief rally in equities as this bodes well for the inflation outlook. 2) Delivery times have plummeted, as shown in the chart below, which is indicative of very loose supply chain conditions (relative to the backlogs experienced throughout COVID). With inflationary measures in the services sector being the most stubborn component, these metrics bode well for the outlook on inflation and the continuation of the downward trend that we've seen since July 2022. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717766413937-L5F4A4AZODMQSUPEYW7U/image-asset.png Charts 2022 - A Check in on Valuations The Magnificent Seven stocks, comprised of Microsoft, Apple, Amazon, Tesla, Nvidia, Meta and Alphabet, drove a majority of returns in the S&P 500 Index last year, raising concerns from some investors. However, these are also some of the most profitable and cash flow rich companies in the world. And while their valuations are elevated relative to the remaining stocks in the S&P 500, they're still well below prior peaks. In fact, as shown in the chart of the week below, they are currently trading near their average price-to-earnings ratio since 2015. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717766506841-2UJWS97XRMLWLMLJUGA6/image-asset.png Charts 2022 - Median S&P 500 Returns After Big Up Years The chart above shows the median returns for the S&P 500 in the ensuing year following gains of 10% or more, 15% or more and 20% or more. Why It Matters: Many times good returns are followed by good returns but sometimes good returns are followed by losses. The lesson is an especially important one because is shows the futility of making investment decisions based on short-term data. Wise investors focus on the long run and avoid allowing the short run to dictate investment decisions. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1717766657627-1IVX28WDSNLTSP2MO5HD/image-asset.png Charts 2022 - A Lesson on Forecasting Lesson 1: No One Is Very Good at Consistently Getting Market Forecasts Right The only value in market strategist forecasts is that they show that a wide dispersion of outcomes is possible. The S&P 500 ended 2022 at 3,839.50. The forecasts of 23 analysts from leading investment firms for year-end 2023 ranged from as low as 3,650 (down 5%) to as high as 4,750 (up 24%). The average forecast was for the S&P 500 to end the year at 4,080 (up 6%). It closed the year up 26.4%. The chart above from Avantis shows that not only is such a wide dispersion of potential outcomes likely, but the median forecast is typically wrong by a wide margin. The lesson is that investors are best served by following Warren Buffett’s advice on guru forecasts: “We have long felt that the only value of stock forecasters is to make fortunetellers look good. Even now, Charlie [Munger] and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.” Why It Matters: The lesson is an especially important one because investors, like all humans, are subject to confirmation bias. Thus, when we hear a forecast that confirms our own beliefs or concerns, we are more likely to act on it than if we hear a contrary opinion. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1700257664072-P6TK4ZSXLN2MY3O68BTF/image-asset.png Charts 2022 - October Inflation Data Shows Progress The Consumer Price Index (CPI) was unchanged in October, below the consensus expected +0.1%. The CPI is up 3.2% from a year ago - a huge improvement versus the 7.7% reading in the year ending October 2022. The actions taken by the Federal Reserve to fight inflation continue to gain traction. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1700257547378-9WTILAB6IG1W9S9AD0F6/image-asset.png Charts 2022 - Geopolitical Events & Market Movements How have markets historically reacted to geopolitical crisis events, including wars and terrorist attacks? We look back at two dozen or so such events going back to World War II in the table below: While the total drawdown related to this tragic event and recovery timetable are unknown, based on prior geopolitical events, the average drawdown is -4.7%, while the average time to reach market bottom is 19 days, and the average time to fully recover losses is 42 days. In other words, equities have historically held up well during geopolitical shocks, including wars and other military conflicts going back decades, with the average recovery taking roughly two months. Even the market recovery from 9/11 took only 31 days. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1700257475419-IULND0E38GI176PAUDWH/image-asset.png Charts 2022 - An Update on Housing What homebuyers need to know: It’s more expensive than ever to buy a home. The median monthly mortgage payment hit an all-time high of $2,632 during the four weeks ending September 10. Although the weekly average mortgage rate has declined slightly from August’s two-decade high, it’s still sitting above 7%. Prices are up, too, increasing 4% year over year. What home sellers need to know: Prices continue to rise because inventory is so low, posting one of its biggest declines in 19 months this week. But keep in mind that high prices, elevated rates and the lack of inventory is sending some buyers to the sidelines; mortgage-purchase applications are hovering near a three-decade low and pending home sales are down 12% year over year. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1700257427890-2CH73787ZAB0TG4MYB9O/image-asset.png Charts 2022 - The Search for Savings While higher rates are a negative for borrowers, investors and savers have been raving this year about how much they can now earn on their cash. However, investors who deviated from a diversified portfolio have been left scratching their heads as the stock market continues to climb the wall of worry - the S&P is up 18.5% YTD and a diversified 60/40 portfolio is up double digits as well. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1700257353432-K2M3T2JKESNSHPEDIADX/image-asset.png Charts 2022 - Home Prices Lead Rents Owner's equivalent rent - the official measure of housing price inflation for CPI - is not a real time data point. As shown in the chart below from PGM Global, home prices typically lead the owner's equivalent rent CPI measurement by 18-24 months. Why It Matters: With this measure just now starting to move lower, this should help inflation continue to tick lower in the coming months. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1700257295515-WZAZE84G3Q8SGFT85JUX/image-asset.png Charts 2022 - Resisting Temptation Abandoning strategic equity allocations may be most tempting at the end of central bank tightening cycles when cash yields reach their most attractive levels. Historically however, exiting the equity market to invest in cash at these inflection points has not provided durable capital appreciation in the longer term. Investors may need to exercise discipline in maintaining target equity weights to achieve long-term return targets. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1690918484901-Z5JA5T4P2UT9T8M08ESS/image-asset.png Charts 2022 - Golden Handcuffs US housing shortages may provide a cushion to home price declines in 2023. Refinancing activity will likely remain weak given many homeowners’ “golden handcuffs,” which describe existing attractive mortgage rates disincentivizing borrowers from moving homes. For example, less than 2% of conventional borrowers pay more than the current market rate on a 30-year fixed rate mortgage, potentially limiting motivation to refinance even if rates fall. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1690918586385-CH4LFFIP6NUI4H5BY23W/image-asset.png Charts 2022 - International Markets at Steep Discount Based on forward Price/Earnings Ratios, International equity markets are trading at one of the largest valuation discounts relative to the US equity markets on record following their decade+ stretch of underperformance. This is paired with a nearly decade long rise in the value of the US dollar relative to foreign currencies. Cheap equity markets paired with cheap currencies bode well for forward looking returns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1690918657065-EVLC17IT1X9WTQ7O5BQP/image-asset.png Charts 2022 - Savings Remains Elevated The "excess savings" economists often refer to was driven by a combination of a significant drop in spending and increase in fiscal support during the pandemic. A degree of this "excess savings" has been spent down over the past 1.5 years but continues to be elevated. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1690918725249-EQ7N63WRRE2E8OQJ3ZZ8/image-asset.png Charts 2022 - Commercial Real Estate Debt Commercial real estate debt as a share of GDP is much smaller than residential mortgage debt thus reducing fears of another financial crisis akin to 2008. https://static1.squarespace.com/static/59d659e251a5847611759e8d/622f4168f6ecfc26fcd7f6c2/622f4172d1caf210cf2c8826/1647264117498/ Charts 2022 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1690918781816-XXFIXACZE2G30TKTBDAP/image-asset.png Charts 2022 - Housing Affordability Rental costs still remain below the cost of home ownership, even amid recent improvements in housing affordability. Elevated interest rates and still-lofty home values make ownership pricey. Meanwhile, rent prices on new leases have begun to roll over and will likely become a key driver for lower overall core inflation by year end. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1690918842710-DPH8WTLZBR155QLX6A2U/image-asset.png Charts 2022 - Help Wanted Recent labor market strength has surprised to the upside for 12 consecutive months, revealing a resilient, though gradually softening jobs market. Labor market demand will need to continue normalizing relative to supply to slow wage growth and ultimately bring down core inflation. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1682361236344-FW7DB8ZTLOJFDHPPUXCZ/image-asset.png Charts 2022 - Headline CPI Surprises March data shows easing energy prices helped pull U.S. headline inflation under 6% for the first time in over a year. However, "stickier" areas of CPI, like service, remain stubbornly elevated. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1682361160923-YEVCQQ3FP0T6K7DZR3CF/image-asset.png Charts 2022 - Terminal Decline Over the past 18 months, the Fed has focused predominantly on one problem: inflation. However, recent financial system stress, may have altered policy priorities - or at least the market's perception of them. Over the past few weeks the market implied terminal rate has fallen as investors grapple with how much higher the Fed can hike without any further stress. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1682361083423-TBOW60PBYS9R6GCXEMP6/image-asset.png Charts 2022 - Money Supply Growth Drops to Slowest Pace in 60 Years The year-over-year growth rate in Money Supply has decelerated to the slowest pace in at least 60 years as the Federal Reserve tightens monetary policy. As illustrated in the chart, rapidly declining money supply growth may help drive inflation lower. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1682361015885-0049MWVCLLXQ4HIA88H0/image-asset.png Charts 2022 - Indicator Shows Progress on Labor Tightness Fourth quarter earnings season is beginning to conclude and many companies are seeing a critical tailwind of inflation showing signs of weakness. The share of management teams citing labor shortages, now at less than a third of the peak in 3Q 2021, indicates loosening in the jobs market, which the Federal Reserve has indicated will be necessary to slow wage growth and broader inflation. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677077409491-YXEEHBTLS26P3VZ71UEF/image-asset.png Charts 2022 - Contributors of Recent Disinflation After a string of monthly declines, the January CPI report showed a bounce in headline inflation of 0.5% month over month (m/m) and 0.4% m/m excluding food and energy. Markets had largely expected the uptick, but the underlying components showed a more mixed inflation picture compared to the broad-based declines seen in prior months. Still, disinflation is likely in its early innings across the major components of CPI, as shown below, and should gradually bring inflation back down to 2-3% over the course of 2023 and 2024. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677077348074-0XSA4WRAI7I2BDIMYMQT/image-asset.png Charts 2022 - Manager Survey Four Hundred portfolio managers attending Goldman Sachs' 2023 Global Strategy Conference were surveyed on their opinion of the best performing asset class in the year ahead. Relative to 2022, PM confidence in fixed income has risen the most, particularly for corporate bonds as higher yields, more attractive coupons, and an expectation for less interest rate volatility may continue to support portfolio asset rotations back into bonds in 2023. Predictions such as these should always be taken with a grain of salt, however the survey does provide meaningful insight into current sentiment and positioning. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677077265204-TCS3W8RH893SXG6FJMO5/image-asset.png Charts 2022 - Equities More Reasonably Valued in 2023 Last year at this time, equity markets were near record highs after the economy and corporate earnings surged in 2021 and interest rates remained low. As it became clear that the Federal Reserve would need to aggressively hike interest rates to control inflation, investors reduced exposure to risk assets — sending equity valuations lower. Higher interest rates can put downward pressure on price-to-earnings (P/E) ratios, and we saw this play out in 2022. While earnings grew throughout the year, valuations declined — with the S&P 500 Index forward P/E falling from 21.7x to now 16.8x, close to the 15-year average (black diamond). https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677077169530-DTEW26T23RW3O98FLIYP/image-asset.png Charts 2022 - Inflation Continues to Ease Inflation eased in December for the sixth straight month. The consumer-price index (CPI), a measurement of what consumers pay for goods and services, rose 6.5% last month from a year earlier, down from 7.1% in November and well below a 9.1% peak in June. Goods prices, a key driver of inflation over the past year and a half, fell for the third straight month in December as improving supply chains and reduced demand have relieved price pressures on goods. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677077088077-PATCNH7PTRCHB06DXBJ8/image-asset.png Charts 2022 - Hikes in Review With inflation reaching levels not seen in 40 years, the Federal Reserve (Fed) took aim at a soft landing and believed there was a plausible path to avoid a recession. With that goal in mind, the Fed instituted a series of interest rate hikes that were the most aggressive in decades. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677077018038-M425QYA6DXZJXN8N7RZ4/image-asset.png Charts 2022 - Housing in Review September numbers for home prices across the country were released by S&P CoreLogic Case Shiller earlier this month and provide the latest look at home prices across the country. Since the pandemic lows (Feb. 2020), the National index is up 41% through September 2022, while markets in Tampa, Phoenix, and Miami are all up 63% or more. So far at least, areas in the southeastern US and south Florida that saw some of the biggest post-COVID gains have only seen minimal declines. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677076822204-CPBFNXC467SG8R0PZVYU/image-asset.png Charts 2022 - 60/40 Performance Following Down Years Performance for an illustrative traditional 60/40 portfolio has been challenged in 2022 amid surges in interest rates, recession risk, and broader market uncertainty. However, as shown below past instances of 60/40 drawdowns have delivered strong performance in subsequent calendar years. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677076754464-1C2Z34SUDL6Q1WT2N20B/image-asset.png Charts 2022 - Yields Reverse The yield on 10-year Treasury Bonds are on pace for their largest monthly decrease since 2020 (as yields decrease, prices increase) as the Fed hints at potentially slowing down the pace of interest rate hikes. It is important to remember, however, that the Fed is set to continue hiking rates. The true question is where the terminal rate ends. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1677076671865-FXHY10EVZY0HEHT43BKO/image-asset.png Charts 2022 - Variable Rates Abroad Mortgage rates have risen sharply in response to aggressive interest rate hikes; however, the US appears to be better insulated from mortgage payment shocks in 2023, when compared to other countries, primarily because of the popularity of variable rate mortgages abroad. Goldman Sach's Global Investment Research team expects that less than 1% of US mortgages will face higher interest rate payments in 2023, while over half of mortgages in Australia and New Zealand will face higher rates. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1667229872029-NNRBLK9PZ5PLAESLZNV2/image-asset.png Charts 2022 - Good Service? Services have replaced durable goods as the main driver of US core inflation today, contributing nearly 70% to the overall print. While elevated, we see a potential path for core inflation to moderate in 2023 as easing supply bottlenecks drive down prices on durable goods. However, some of those deflationary impulses will likely be offset by sticky wage acceleration. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1667229921891-AZFZIHULMC6ALG640KM5/image-asset.png Charts 2022 - Dark Before Dawn Equity market volatility has historically clustered, leading the best periods in the year to often directly follow the worst periods. Weak equity market performance may continue to reflect fundamental concerns over inflation, monetary policy, currency movements, and a bevy of other factors. Still, being invested at the best days often requires withstanding the worst days, informing our preference to stay the course. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1667229995998-O49PLIIKECMEQEVYB60R/image-asset.png Charts 2022 - Timber! Lumber prices have fallen to their lowest level in more than two years, bringing two-by-fours back to what they cost before the pandemic building boom and pointing to a continued slowdown in construction. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1667230080322-3U8TFNQS2EP2UTMTOW3P/image-asset.png Charts 2022 - Markets & Midterms With less than two months before election day in the U.S., midterm elections are top of mind for politicians and voters alike. And while control of the U.S. Congress and influence over future policies may be at stake, should investors care? Not much, as our Chart of the Week below shows. Markets are less concerned with election results and much more concerned with simply getting past the election. Since 1962, the S&P 500 has returned just .3% on average for the 12 months leading up to midterms, and a staggering 16.3% average return in the months following once elections conclude. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1667230197628-XBXB2KCSWFKDFPF8GZ62/image-asset.png Charts 2022 - Don't Fret the Debt Consumer debt has grown rapidly year-to-date, with revolving credit balances increasing at a 17% annualized pace. However, such debt has yet to pose a significant strain on households. With servicing costs low and household excess savings at $2.2 trillion, outstanding debt has remained at manageable levels. As a result, the delinquency rates for various loan types remain extremely low, meaning strong household balance sheets can likely sustain the current debt balances. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1667230277280-V90QRLZX0HYAYARJ79S9/image-asset.png Charts 2022 - Outstanding Mortgage Rates Despite current 30 year mortgage rates well into 5% territory, the vast majority of homeowners have a mortgage rate below 4% with 1/3 of borrowers capturing a rate below 3%. This data has significant implications on future homebuying as many current owners may be reluctant to move and lose such an attractive rate, opting to "trade-up-in-place" and remodel their existing home instead. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1659111943448-GRZ6UF63TE0FPBPCR6FZ/image-asset.png Charts 2022 - Gassed Out? Perhaps the first glimpse of relief at the pump, we've seen gas prices trending down since mid-June. While gas prices are indeed down, they're still up much more than usual year-to-date. From a seasonal perspective, this is normally a time of year when gas prices are trending lower, so this year's drop is not out of the norm. In the chart below, the red line shows this year's change in gas prices, while the blue line shows the average pattern that gas prices have taken throughout the year going back to 2005. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1659112041940-J8JLCEAOS60TVZZ1L3XX/image-asset.png Charts 2022 - Bear Markets = Big Opportunities Bear markets are central to the volatile path that markets follow, and we should recall that over the long term, that path is up. The good years will ultimately outweigh the bad year. History has made clear that bear markets are opportunities for long-term investors. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1656097986556-BMF2003CEK6RVJHRPZ3R/image-asset.png Charts 2022 - S&P 500 Performance Following back-to-back weekly declines of over 5%, the S&P 500 gives investors some respite, closing out a strong week to finish the quarter. The chart below highlights just how rare of a phenomena this is - with just 8 occurrences since 1970. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1656097919879-C35945291FQ0JSASY738/intra+year+declines.png Charts 2022 - S&P 500 Intra-Year Declines vs. Calendar Year Returns This chart shows the maximum intra-year equity market drawdowns since 1980. Despite average intra-year declines of 14.3%, the S&P 500 has managed to deliver positive returns in 31 of the last 41 calendar years. Despite multiple wars, recessions, pandemics, and crises, the S&P 500 has never failed to regain a prior peak— and then surpass it. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1656097794451-PUK6Y5EVU3T4Z46TZAQV/poor+start.png Charts 2022 - A Bad Start in Historical Context 2022's market performance is being added to the history books. 100 trading days into the year, and the S&P 500 Index has notched its worst start to a year since 1970. Not all is lost, however, as history has demonstrated a bad start doesn't always equate to a bad year. Taking a look at the previous five worst starts to a year saw the remainder of the year higher every time, up 19.1% on average. While the path to get there may not be pretty, the markets have always persevered over the long-term. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1651175164563-811R8NZCKB1YOJQA3XD2/market+dispersion.png Charts 2022 - Distribution of US Stock Market Returns Annual stock market returns are unpredictable, but “up” years have occurred much more frequently than “down” years in the US. That may be reassuring to investors, especially if they find market downturns unsettling. • The US stock market posted positive returns in 75% of the calendar years from 1926 through 2021. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1651174924264-9LK3P8LFFTDK16RZVLTE/market+impact+rate+hikes.png Charts 2022 - US GDP Growth Remains Strong https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1651174383623-QWQXJ8LM8T7JO9IWW8K5/210+inversion.png Charts 2022 - S&P 500 Returns Following Yield Curve Inversion The US Treasury curve saw a brief inversion of the 2 year & 10 year treasury yeilds as rates markets priced in accelerated Fed tightening. While an inverted yield curve has historically been a signal for recession, we believe the curve may be more prone to inversions today given low absolute yields, quantitative easing, and elevated inflation. The historical time lag between an inverted curve and a recession has ranged from 7-35 months. In that time, the S&P 500 continued to deliver positive returns on median. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1651174535886-6XK3T4WORTL1YS9QGG5X/market+impact+rate+hikes.png Charts 2022 - Market Impact of Rate Hikes Last week, the Federal Reserve raised rates for the first time since 2018. Despite concerns that Fed rate hikes are bad for equities, history has proven otherwise. While Fed rate hikes have led to higher volatility, looking at the previous eight hiking cycles the S&P 500 was higher a year after the initial rate hike every time. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647266447981-SK45WSILIOHUDC197C3R/image-asset.png Charts 2022 - The Consumer & Gas Prices The consumer is poised to weather the current oil price shock. Household balance sheets and income statements are historically strong. While the price of gasoline breaches new highs, spending on gasoline and other energy goods as a percent of disposable income for the consumer remains below average at 2.3%. While this is set to increase in the coming months, it still has a significant way to go before breaching the highs reached in the prior decade. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647266421686-9PJZIW32MEZF3OZM0VMQ/image-asset+%281%29.png Charts 2022 - Strength of Labor Market U.S. hiring boomed in February as the economy added 678,000 jobs - exceeding economist forecasts for 423,000 jobs - and the unemployment rate fell to 3.8%. Importantly, the labor force participation rate increased to 62.3% - a welcomed increase as the supply of workers remains constrained. Nevertheless, the labor market still has 1.729 million jobs to add to stage a full recovery from the pandemic-induced recession. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647266446798-41GE8FU9GQHBQ3B25G5L/image-asset+%282%29.png Charts 2022 - Trends in Strength The S&P 500 is up 86% of the time in the year following an annual performance of 25% or more. A hawkish Fed and continued COVID related volatility are valid concerns, but being bearish simply because of stellar performance in 2021 historically has been a unfavorable stance. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1647266446711-C2ZKW8NC5CE1689SXLFH/image-asset+%283%29.png Charts 2022 - Value Returns in 2022, So Far The bars in the chart above show the average year-to-date performance of the stocks in each decile of the Russell 1,000 Index. The stocks with the lowest price to sales ratios are on the left side of the chart, while the stocks with the highest price to sales ratios are on the right side of the chart. As shown, the decile of stocks with the highest price to sales ratios are already down an average of 7.8% so far in 2022. As you move from left to right on the chart, YTD performance gets worse and worse, meaning the higher the price to sales ratio, the worse performance has been. So far in 2022 we've seen a clear trend emerge: investors are selling stocks with high valuations and buying stocks with low valuations. https://www.legacytrustcompany.com/charts-2025 daily 0.75 2025-11-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762872031256-Q3QEL8SR9QWQWM1R0O2L/DD.png Charts 2025 - U.S. Dollar Dominance Rumors persistently circulate that the dollar is at risk of losing its reserve currency status. These rumors are stoked by the desire of China (and others) to see this happen. The U.S. is not strong because the dollar is the reserve currency, the dollar is the reserve currency because the U.S. is strong. Not just in economic might, but in its governance. The Constitution still stands, along with its protections of private property rights and the rule of law, which have created honest, deep and liquid financial markets. The U.S. remains one of the few places where people risk their lives daily to get into, not out of. As illustrated in this week's chart, due to the United States' importance in global capital markets and international debt, the dollar is set to stick around as the world's reserve currency for the foreseeable future. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762872031256-Q3QEL8SR9QWQWM1R0O2L/DD.png Charts 2025 - U.S. Dollar Dominance Rumors persistently circulate that the dollar is at risk of losing its reserve currency status. These rumors are stoked by the desire of China (and others) to see this happen. The U.S. is not strong because the dollar is the reserve currency, the dollar is the reserve currency because the U.S. is strong. Not just in economic might, but in its governance. The Constitution still stands, along with its protections of private property rights and the rule of law, which have created honest, deep and liquid financial markets. The U.S. remains one of the few places where people risk their lives daily to get into, not out of. As illustrated in this week's chart, due to the United States' importance in global capital markets and international debt, the dollar is set to stick around as the world's reserve currency for the foreseeable future. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762871512978-XT1TYS3FGV5TRQE9ILRE/image-asset.png Charts 2025 - AI Capex Has Been Historic The Capex driven by the “AI Race” has clearly been historic. In fact, AI related spending has contributed to nearly 33% of economic growth (GDP) in 2025. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762871827006-LJW2VCR4FZL0C2GNOMOS/YUC.png Charts 2025 - No Signs of Irrational Exuberance JP Morgan’s YUC Measure (YUC = young, unprofitable companies) provides a useful gauge of bull market health and irrational exuberance, and currently it looks benign. This suggests that investors are paying closer attention to fundamentals, beyond the occasional meme stock surge. Historically, the YUC measure peaked during speculative booms, including the SPAC and meme stock surge of 2021–2022, which preceded a sell-off in lower-quality stocks. It also reached a high leading up to the 2001 Dot-Com Bubble. The fact that this index has steadily declined is a net positive signal for the overall health and sustainability of the current bull market. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762872547742-EN2KZLCG3RN00Y60OFZY/58bd4928-7a4f-40c3-958f-76bf7eb7eeee_54480744-fd23-41dc-892c-6452eb293cc1.png Charts 2025 - Artificial Intelligence versus Tech Bubble? Market pundits and “perma-bears” love to draw parallels between current market conditions vs. the past. Current parallels are being drawn between the early 2000s “dot com” technology bubble. But highlighted in the following two charts, earnings growth data shows profits have been keeping pace with prices (unlike during the tech bubble). Returns have been driven by fundamentals not "irrantional exhuberance." https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762872660210-D2B9RAU660B7UF0BOZB9/58bd4928-7a4f-40c3-958f-76bf7eb7eeee_5a45db15-3c33-4906-900f-9dbc4e62094f.png Charts 2025 - If You or AI Build It, They Will Come A fascinating data point on this moment in time: AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762872870437-F32RXM71RC4BQJ6X1CNS/image+%284%29.png Charts 2025 - It's About Time in the Market, Not Market Timing  The chart highlights the long-term performance of equities versus short-term cash equivalents since 1999. Despite multiple market cycles—including the dot-com bubble, the 2008 financial crisis, and the COVID-19 downturn—both the Dow Jones Industrial Average and the S&P 500 Index have significantly outperformed one-month Treasury bills over time. This demonstrates that while equities experience short-term volatility, they have consistently delivered superior total returns for long-term investors. Even during periods of heightened uncertainty, remaining invested in stocks has historically proven to be a better strategy than holding cash. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762873144348-7IPV5DTGZ0HJOJQ5AP0V/otmi_12.20.24_graph.png Charts 2025 - Some tariff talk is noise, some is important signal The chart illustrates the shift in U.S. import sources over the past three decades. Since the late 1980s, imports from China have grown dramatically, rising from under 3% in the early 2000s to over 10% of total U.S. imports today. In contrast, imports from the European Union and Mexico have steadily declined or remained relatively flat over the same period. This trend reflects the globalization of supply chains and China’s emergence as a dominant manufacturing hub. However, recent fluctuations suggest potential diversification as U.S. trade policy and corporate sourcing strategies evolve. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762873620915-M3K07824VOMHF0YVWROD/GetAttachmentThumbnail.png Charts 2025 - Strong Profitability Growth Has Supported Increasing Valuations What’s driving the above average equity market valuations here in the US? As shown in following chart, they’ve been underpinned by historically high corporate profit margins that have grown materially over the past 10 years. These robust margins, which have been particularly pronounced with technology-related companies, have helped support higher earnings multiples. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762873950297-Z6LNH741KDFM506CEIMA/58bd4928-7a4f-40c3-958f-76bf7eb7eeee_c50df977-b235-4959-9893-b7bc12ac178d.png Charts 2025 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762874201501-Q6SW3UOQ0BE0VT5PRY2B/GetAttachmentThumbnail.png Charts 2025 - Historical S&P 500 Reactions to Geopolitical Shocks: Short-Term Impact and Recovery Trends The chart illustrates the total downside (drawdown), the number of days for the markets to bottom and recover, as well as post event performance 3, 6 and 12 months out. As you can see, the markets have historically been quite resilient in the face of these shocks. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762874518554-6Q8YDBD9GW3ZMK7S5PNK/s%26p+500+market+history+end+of+July+2025.jpg Charts 2025 - Always Expecting the “Next Shoe to Drop” In a similar vein, some investors may be sitting out of the market due to fear that a major market decline or economic recession may be right around the corner. “Distressing headlines can lead investors to assume the worst,” says Malwal. Headlines do occasionally spark short-term market volatility. But often the bigger risk is that by over-focusing on the negatives, investors end up missing out on opportunities and long-term growth. “Those investors may find themselves falling behind, because worries kept them out of a relatively good environment,” he says. “Relatively good” might be an apt description for the current economic environment. US companies generally experienced better-than-expected earnings growth in the second quarter, and analysts expect S&P 500 companies to earn 10% more in 2025 than they did last year.1 Even after recent revisions to job numbers, the job market has been continuing to grow. And unemployment has remained low and relatively stable. “With rising earnings and a steady job market, recession doesn't feel imminent to me,” says Malwal. Even if the US does eventually encounter a recession, it’s typically no reason to abandon a well-thought-out investment plan. Over long periods the market has historically recovered from recessions and even a depression—often beginning to rally before the economic downturn is even over. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762874650992-YWBVXQJQZ7U60LQLUZ1F/Fid+SS.png Charts 2025 - How $100 grew since 1980 Short-term CDs and Treasurys came into favor among many investors in the past few years as rates rose. Many investors feel comfortable in these investments due to the potential protection they can provide in a down market, their low risk of default, and their predictable cash flows. There are many wonderful features of short-term investments. But history shows investors with a long-term outlook have often been better off including stocks in their portfolios. The key challenge with short-term investments is a lack of stronger growth potential. While it’s true that stocks may be more volatile than short-term investments or bonds in the near term, over the long run stocks have provided much higher returns,. Although rates on these investments may appear attractive, they may not be providing much growth after accounting for inflation. Investors who have time on their side can typically benefit from having a broader exposure to stocks and bonds, or a combination of the 2, as opposed to staying in short-term investments for a long time. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762874920209-2W3J4IXGDQUDXJQ8QTWK/Fid+SS+2.png Charts 2025 - Historically Strong Performance can be Followed by More Strong Performance The U.S. market has shown remarkable resilience, advancing 74% of the time since 1926. Historically, strong years for the S&P 500 are often followed by continued positive performance, with most annual returns falling between 0% and 20%. This highlights the market’s long-term strength despite periodic downturns. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762875175901-DEAEAYP4XS4YI1BAQWHS/Fid+SS+3.png Charts 2025 - One Big Beautiful Bill (BBB) Net Fiscal Impulse The “One Big Beautiful Bill” is projected to provide a strong fiscal boost through 2028, driven mainly by significant tax cuts that outweigh spending reductions. The largest impact is expected in 2026 with a $270 billion net fiscal impulse, gradually tapering off to just $9 billion by 2029, signaling a front-loaded stimulus effect. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762875399183-WS7VD0SF3SGZSKJWBGTX/image+%282%29.png Charts 2025 - US Dollar: Checking in on Reserve Currency Status While the US Dollar has experienced a declined of 5-10% this year, talks of the its reserve currency status have ramped back up. As always, it's important to check the data. Yes, the US Dollar has depreciated relative to other currencies, but it has done so from an elevated level across all valuation metrics. As shown in the chart, JP Morgan's US Dollar Reserve Currency tracker shows no major deterioration; rather, some measures have actually improved since 2022. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762875799037-G5QOSDWECLDWKIL8KQMB/GS+1.png Charts 2025 - European Stocks have Outperformed Other Major Indexes in 2025 European equities have led global markets in 2025, outperforming other major indexes as easing inflation, resilient corporate earnings, and improving economic sentiment boosted investor confidence across the region. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762876024270-KJWGNF9Q227N3JUM74D2/image+%283%29.png Charts 2025 - AI Boom Delivers a Record Contribution for US Economy The rapid expansion of artificial intelligence has become a key driver of U.S. economic growth in 2025, delivering a record contribution to GDP. Accelerated investment in AI infrastructure, productivity gains across industries, and widespread corporate adoption have fueled innovation and efficiency. This surge underscores AI’s transformative role as a structural growth engine for the U.S. economy, reshaping both labor dynamics and long-term competitiveness. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1762876302008-70A4RR96N6A08T9R93NF/Image+%284%29.png Charts 2025 - U.S. Dollar Index (DXY) From 2000 to 2025, the U.S. Dollar Index (DXY) has experienced several major cycles, reflecting shifts in global growth, interest rates, and geopolitical conditions. The dollar strengthened sharply in the early 2000s, declined through the mid-2000s with expanding global trade, and rebounded after the 2008 financial crisis as investors sought safety. It reached multi-decade highs in the 2022–2023 period amid aggressive Fed rate hikes and global uncertainty, before stabilizing into 2025. Overall, the dollar has remained resilient, underscoring its role as the world’s primary reserve currency. https://www.legacytrustcompany.com/financial-planning daily 0.75 2023-11-29 https://www.legacytrustcompany.com/our-company daily 0.75 2023-11-29 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533760117254-WYRFHUM82HJAT4UNSDHO/Diamonds3.jpg Our Company https://www.legacytrustcompany.com/meet-our-team-3 daily 0.75 2018-04-06 https://www.legacytrustcompany.com/contact-us daily 0.75 2025-03-17 https://www.legacytrustcompany.com/legacy-planning daily 0.75 2018-07-19 https://www.legacytrustcompany.com/my-account daily 0.75 2017-12-26 https://www.legacytrustcompany.com/welcome-2 daily 0.75 2017-12-29 https://www.legacytrustcompany.com/legacy-in-our-community daily 0.75 2022-09-19 https://www.legacytrustcompany.com/estate-trust-management daily 0.75 2018-07-19 https://www.legacytrustcompany.com/login daily 0.75 2017-12-26 https://www.legacytrustcompany.com/gold-membership daily 0.75 2017-12-26 https://www.legacytrustcompany.com/file-1 daily 0.75 2017-12-26 https://www.legacytrustcompany.com/lifestyle-management daily 0.75 2019-07-01 https://www.legacytrustcompany.com/services-overview daily 0.75 2018-01-15 https://www.legacytrustcompany.com/our-community daily 0.75 2021-12-13 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1524063841327-SIV95UKREO3O17PPH1V6/a23f83eb-0c65-4fcc-9382-61396ce3ab08.png Our Community https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/85756afc-c85a-4940-b9ae-47c24898b9d0/Copy+of+Copy+of+Copy+of+A+Trust+%281640+x+600+px%29+%28800+x+600+px%29+%281%29.png Our Community - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b881a559-dc4b-4a10-976b-a6837be0c437/board+spotlight+dec.jpg Our Community - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/06c270fd-ece3-44bc-99b2-495caa4af766/Copy+of+Copy+of+Copy+of+A+Trust+%281640+x+600+px%29+%28800+x+600+px%29+%282%29.png Our Community - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0ddd65f0-bc31-4b50-a1ea-4f4423f777a7/MicrosoftTeams-image+%283%29.png Our Community - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532555211585-AGN2R10KJIWT9Y3F21IN/header-logo.png Our Community https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1532572322419-PMKG4QY2ANLZ3VQEWBBU/imagejpeg_0+%281%29.jpg Our Community https://www.legacytrustcompany.com/our-values daily 0.75 2024-01-17 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/992bae74-effa-45c3-9d49-c26760831444/Untitled+design+-+2023-12-28T154516.258.png Our Values - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/430013b9-e5b8-4ff8-8265-55f35741f18c/Untitled+design+-+2023-12-28T154443.962.png Our Values - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/209f394e-1286-4879-9725-a01241a9d731/Untitled+design+-+2023-12-28T153635.498.jpg Our Values - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/holly-tyrrell-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b84518cf-2339-4dbe-9919-582053c9e442/ALP_LT_00178r.jpg Holly Tyrrell https://www.legacytrustcompany.com/kristi-quick-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/7e942c6e-1153-4b82-81e3-c88aa53dbd98/Headshot-Kristi-2015-319x383.jpg Kristi Quick https://www.legacytrustcompany.com/james-tronti-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b64033fe-cd0a-4804-a13f-8d8f8e1c16ed/IMG_0981-Edit.jpg James Tronti https://www.legacytrustcompany.com/natalie-johns-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1570477355657-E8VNRNPXO7GO3GDFXZ7I/Natalie+headshot+2019+%281%29.jpg Natalie Johns https://www.legacytrustcompany.com/susan-tronti-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/894d7ae1-77c2-4306-bf8e-407088fca66b/IMG_0934-Edit.jpg Susan Tronti https://www.legacytrustcompany.com/chord-mclaughlin-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a14a600f-c23b-4ef1-ab43-964d9533146e/ALP_LT_00279r.jpg Chord McLaughlin https://www.legacytrustcompany.com/service-test daily 0.75 2018-02-13 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540415315-N33OHXHVSWM6Z3YWRQKH/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540418326-6Y9J2XSIGRQO4ECDNDY5/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540421289-R46SADJX8J6GVG2R555U/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540423815-JQPU8JAZEN02ZPF4P1CM/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540426159-U4JWOKP1RGND3L0OKH8D/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540428270-HUPM6HW5AOS8MEWGO7FS/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540430963-TEXUOFEHXVAWXLLJ2WBV/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540433165-O9OTICPGU48ZK19S6JCR/service.png Service Test https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1518540435748-SCVP88QMB7UBUK9VWN7H/service.png Service Test https://www.legacytrustcompany.com/charts-that-matter daily 0.75 2025-11-19 https://www.legacytrustcompany.com/kristin-d-mclauchlan-2 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/22aff856-6283-4966-ad3d-0e85d714185a/ALP_LT_00544r.jpg Kristin D. McLauchlan https://www.legacytrustcompany.com/rodney-mclauchlan-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/7f300398-c0a6-44b8-820f-11f9adff89aa/ALP_LT_00611r.jpg Rodney McLauchlan https://www.legacytrustcompany.com/meet-our-team daily 0.75 2024-01-26 https://www.legacytrustcompany.com/debbie-burchette-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1570477391778-33ASQUA9LK578GVJVXI5/Debbie+headshot+2019+%283%29.jpg Debbie Burchette https://www.legacytrustcompany.com/investment-management daily 0.75 2025-08-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533826309627-PKN88USM15S3ASLIHB52/Legacy_Diversification_Chart_3.4.18%2Bcopy3.jpg Investment Management https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533822054897-9M31AXKXL3J9D6KEIOYW/Legacy_Graphic_8.8.18.png Investment Management https://www.legacytrustcompany.com/diamond-points daily 0.75 2026-03-03 https://www.legacytrustcompany.com/investment-philosophy daily 0.75 2018-05-07 https://www.legacytrustcompany.com/quarterly-market-review daily 0.75 2023-08-02 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005062099-Z1FBYANPSR0MEVKM88JQ/Q22023%7E2.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005062149-NKNDV9O6678M952Q897Z/Q22023%7E3.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005063064-41IH78XMQNKAY33IZ28S/Q22023%7E4.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005063198-WOHLHNUFDK9J4Y63KIFY/Q29E0A%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005064010-AVJEK3D15WYK598L2GP4/Q2D839%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005064170-F936QFJBB124PNEXJYTT/Q2F3A1%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005064954-5IQERF54XFMCYYMI6J99/Q2AE6D%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005065135-KGXMNXJL833VOB9KQEO5/Q25939%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005066036-JIEGBV7AHBQOCZYLSG78/Q20CFA%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005066120-T08IDGO0J87BZ6PN53IB/Q24F2F%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005066961-5W3NYIM97QI3DCM78SCO/Q2F9FA%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005067041-Q7IT2BJJETG3FMS6851O/Q26B39%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005068043-K2H1H6C6N8AQVUWQLC9L/Q2B07D%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005068044-W4RCEVV6WWFEL9F6EEFQ/Q29505%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005069019-GHDN3GEBHUXAA1NVB4EU/Q25BD5%7E1.JPG Quarterly Market Review https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1691005069173-8N60GUZPOFSUQL6G545A/Q22023%7E1.JPG Quarterly Market Review https://www.legacytrustcompany.com/newsletter-archive daily 0.75 2018-08-07 https://www.legacytrustcompany.com/event daily 0.75 2018-10-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1533760769705-R8PF2QOB2YB270XH5IYY/Web.com-Tour-logo-1.jpg Our Events https://www.legacytrustcompany.com/grid daily 0.75 2018-08-08 https://www.legacytrustcompany.com/jill-lineberger-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/94cc000d-8342-4dd0-a4bf-48130ae10014/Jill_Headshot-%281%291.jpg JILL LINEBERGER https://www.legacytrustcompany.com/dalton-boatright-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/060954d9-2355-4a68-9f8e-ce4ce7cded54/Dalton+Headshot+%281%29.jpg Dalton Boatright https://www.legacytrustcompany.com/charts-that-matter-2017-archive daily 0.75 2021-05-17 https://www.legacytrustcompany.com/charts-that-matter-2019-archive daily 0.75 2021-05-17 https://www.legacytrustcompany.com/charts-that-matter-2018-archive daily 0.75 2021-05-17 https://www.legacytrustcompany.com/charts-that-matter-2020-archive daily 0.75 2021-05-17 https://www.legacytrustcompany.com/carol-pochon-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0d1579c5-bb0f-42ac-a34d-4f93ccc63d3e/IMG_9486-Carol+Pochon.jpg Carol Pochon https://www.legacytrustcompany.com/our-story-pedro daily 0.75 2022-02-01 https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510173923517-ZB3SWJMG1Y33BHX6H4QP/image-asset.jpeg Our Story - Our Story https://www.legacytrustcompany.com/charts-that-matter-2021-archive daily 0.75 2022-03-14 https://www.legacytrustcompany.com/wwr-3-25 daily 0.75 2022-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/18d9cdbc-eb47-4fd7-998d-5d13286ad519/wwr+3.25.png 3/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b1629114-5ba7-4cca-a068-80cb93b22d5e/big-First+Fed+Rate+Hike+and+Markets.png 3/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/298aa2a5-0162-4e8b-b3d1-9815641323cc/footer.png 3/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/4-1-what-were-reading-lp-copy daily 0.75 2022-04-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/da4a5282-cfb8-489b-8308-f3269017a6d3/Rock+Solid+Law+%26+Title+Presents...+%284%29.png 4/ 1- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/bfa75d27-0e93-4629-adfc-94f05155b9c8/chart+1.jpg 4/ 1- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/298aa2a5-0162-4e8b-b3d1-9815641323cc/footer.png 4/ 1- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/48-what-were-reading-lp-copy daily 0.75 2022-04-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c84721db-ff61-4179-bbca-173e8a070f81/chart+3.jpg 4/8 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fdeb9c3e-e636-4f35-8354-e556565df213/chart+2.png 4/8 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/298aa2a5-0162-4e8b-b3d1-9815641323cc/footer.png 4/8 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/4-15-what-were-reading-lp daily 0.75 2022-05-03 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0b84ea4e-8053-42f0-b3b5-6cfc3e32dc5d/Lt.jpg 4/ 1- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/ea205800-c4ac-4324-8af1-9966c11f8e42/lt+2.png 4/ 1- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 4/ 1- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/425-what-were-reading-lp-copy daily 0.75 2022-05-03 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10bb38ca-f101-43e7-a0e9-b617d3c52006/lt3.png 4/25- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 4/25- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/506-wwr-volatility-in-context daily 0.75 2022-05-13 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10bb38ca-f101-43e7-a0e9-b617d3c52006/lt3.png 5/06- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c36f9175-77e8-41cc-a666-94ca5052fb98/LT.jpg 5/06- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/e7d2d5c9-0189-49d5-93ca-6121cd97c33a/lt2.png 5/06- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 5/06- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/520-what-were-reading-lp-copy-1 daily 0.75 2022-05-31 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10bb38ca-f101-43e7-a0e9-b617d3c52006/lt3.png 5/27- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fc61b032-4e42-41e6-9e45-3c89eb3f7d06/wwr4.jpg 5/27- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/3b97b11a-60bf-46a3-8c3f-ad5e842ec825/wwr5.png 5/27- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 5/27- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/520-what-were-reading-lp-copy daily 0.75 2022-05-31 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10bb38ca-f101-43e7-a0e9-b617d3c52006/lt3.png 5/20- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b8d99195-67ce-4b31-a3b6-9f44898f80cc/wwr2.jpg 5/20- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ccb6b68-6348-40aa-b29e-8a1236951374/wwr3.png 5/20- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 5/20- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/527-what-were-reading-lp-copy daily 0.75 2022-06-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10bb38ca-f101-43e7-a0e9-b617d3c52006/lt3.png 6/03- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/594dd74c-ead5-49d5-a828-121cf27d5759/lt.png 6/03- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/317042f8-c96f-4b43-b34d-80b7df91604a/lt2.png 6/03- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 6/03- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/bear-market daily 0.75 2022-06-15 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10bb38ca-f101-43e7-a0e9-b617d3c52006/lt3.png 6/13- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/347f6a7e-63f8-4935-9dcd-f0daa69e2187/lt6.png 6/13- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/82473add-dfe8-4ec1-938a-d8c04f5724dc/lt7.png 6/13- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/55356c90-2549-4678-a4d7-1dea718be5ab/Legacy+Trust+Eblast+%2820%29.png 6/13- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/624-what-were-reading-lp daily 0.75 2022-06-27 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 6/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a6024cc1-6ad5-4216-81ca-a81d38f74605/lt+4.jpg 6/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2b32a668-c658-4c52-b6c6-252451bda1e5/lt5.png 6/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 6/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/72-what-were-reading-lp-copy daily 0.75 2022-07-05 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4bb2fc05-dcf0-449e-8fa0-badd78d6a07a/lt+3.jpg 7/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/cedebac3-0c87-4e5e-8a77-ea84e99a471d/lt2.png 7/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/708-what-were-reading-lp daily 0.75 2022-07-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/08 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c1ebeef0-6104-4828-a3d1-8c363f04b8b2/lt6.jpg 7/08 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/da4ea658-92b6-42be-a0b4-cf56307f9f79/lt+7.png 7/08 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/08 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/716-what-were-reading-lp daily 0.75 2022-07-18 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f7d89917-ad82-48a6-be9e-722b0dd13e1c/lt679.jpg 7/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/38262399-0533-4a4b-8a97-efd446ec0669/lt+68786.png 7/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/722-what-were-reading-lp daily 0.75 2022-07-23 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/22 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/44ec7305-2d48-42c4-a532-e7dcd6cfa2bd/lt6789.jpg 7/22 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b4c9b109-1d01-4835-a2be-932043c9de74/lt6745.png 7/22 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/22 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/729-what-were-reading daily 0.75 2022-08-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c04c3f10-a584-497c-848f-db14884be197/lt567.png 7/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/da406677-f74e-46d3-a603-42ab123fe82a/lt678.png 7/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/85-what-were-reading daily 0.75 2022-08-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 8/5 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c4b71cd1-2e88-4e9d-a654-fea1095d28ba/ltc56.png 8/5 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/5bc5ebe0-bdb4-4c83-bcef-5d20b7e508bd/lt678.png 8/5 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 8/5 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/812-what-were-reading daily 0.75 2022-08-15 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 8/12 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a1e7f7a6-3059-4eff-9ff5-362399e2cfe9/lt789.jpg 8/12 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d678c0fd-7ec5-4fc2-b2b9-59ab85d34eea/lt+798.png 8/12 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 8/12 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/819-what-were-reading daily 0.75 2022-08-22 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 8/19 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8e17f611-aa25-42ea-9f7f-929772c0c100/lt345.jpg 8/19 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/315fe820-96e8-46c0-8ed8-e73fb1fa802f/lt456.png 8/19 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 8/19 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/827-what-were-reading daily 0.75 2022-08-29 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 8/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/33ccd32b-bc38-495d-97f8-81cddfc05c35/lt234.jpg 8/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c7e511f5-726e-489d-b395-2f67dd817990/lt213.png 8/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 8/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/902-what-were-reading-lp daily 0.75 2022-09-05 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 9/02 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d50423a9-bce9-4d53-84b8-a624ac601009/lt234.png 9/02 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4e8acc8b-7fa6-480d-beed-755a16cd14a2/lt+5867.png 9/02 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 9/02 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/916-what-were-reading-lp daily 0.75 2022-09-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 9/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/86ac28dd-dac8-4b83-9d1b-4c231b2f3e38/lt341.png 9/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f817791e-16e6-4d12-a23e-64cf171ca1bc/lt924.jpg 9/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 9/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/legacy-perspective-navigating daily 0.75 2022-09-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/818920e8-c921-42e7-9acd-c22df1299279/lp.png 9/23 - Legacy Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/3ad3f522-9a8e-44f0-ba28-ee2ac750c922/ltf.png 9/23 - Legacy Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/930-what-were-reading daily 0.75 2022-10-03 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 9/30 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8803816d-de8d-40fb-908c-425624b015cd/lt6.jpg 9/30 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6757b7c1-4306-4df8-90bb-0bb007f3129a/lt47.png 9/30 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 9/30 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1021-what-were-reading-lp daily 0.75 2022-10-24 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/21 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a9530b50-0223-4dbc-ac18-f68367a02c1f/lthdhd.png 10/21 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/9357efbb-2aa8-40d6-a780-0f3600e00635/lt77.png 10/21 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 10/21 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1014-legacy-perspective daily 0.75 2022-10-17 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/818920e8-c921-42e7-9acd-c22df1299279/lp.png 10/14 - Legacy Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/3ad3f522-9a8e-44f0-ba28-ee2ac750c922/ltf.png 10/14 - Legacy Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1028-what-were-reading-lp daily 0.75 2022-11-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/28 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6e670884-e482-4980-adf2-b395e26e1ede/djhf.jpg 10/28 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8fe6c061-8591-4571-8fb9-28912e5e5371/dsjd.png 10/28 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 10/28 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1104-what-were-reading-lp daily 0.75 2022-11-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 11/04- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f3991d83-9036-45bd-917d-960d078486d0/lt.png 11/04- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/672faee2-36a3-4dca-aec8-1ba43971ea57/chart.png 11/04- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 11/04- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1118-what-were-reading-lp daily 0.75 2022-11-21 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 11/18- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/64bd6d90-d820-4db3-b784-1f96227e88b9/lt6777.jpg 11/18- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/882aa372-f09e-46fe-bf5c-60c82d7aaed9/lt345.png 11/18- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 11/18- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1202-what-were-reading-lp daily 0.75 2022-12-05 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 12/02- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/57ba603e-b864-4e22-b015-fbc8740f94e0/lt35.png 12/02- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8b5d05d5-48a1-4994-8e49-e91566bbbf97/lt356.png 12/02- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 12/02- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/1216-what-were-reading-lp daily 0.75 2022-12-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 12/16- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/34d3e5ad-0c71-4cde-99b0-7ab63eb9e740/lt+374.jpg 12/16- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a0b8ed71-5c22-4bd4-8a3a-e1bfe05bd843/lt4353.png 12/16- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 12/16- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/12-what-were-reading-lp-copy daily 0.75 2023-01-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 12/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/9bb6787f-6181-4da7-ae34-c6649b01a1a3/lt3436.png 12/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a3037d8e-f01a-4780-96b0-383c3000b69a/lt78.png 12/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 12/29 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/16-what-were-reading-lp daily 0.75 2023-01-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 1/6 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/126f7ee2-1991-4a20-95c4-85a11f8809d7/lt452.jpg 1/6 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/dcfd3fc1-a5ed-484b-866e-d2e40c4b34cc/lt+5934.png 1/6 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 1/6 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/fof-registration daily 0.75 2023-01-19 https://www.legacytrustcompany.com/landing-page-for-fof-registration-copy daily 0.75 2023-01-13 https://www.legacytrustcompany.com/115-what-were-reading-lp-copy daily 0.75 2023-01-18 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 1/13 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/126f7ee2-1991-4a20-95c4-85a11f8809d7/lt452.jpg 1/13 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/dcfd3fc1-a5ed-484b-866e-d2e40c4b34cc/lt+5934.png 1/13 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 1/13 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/120-what-were-reading-lp daily 0.75 2023-01-23 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 1/20 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/126f7ee2-1991-4a20-95c4-85a11f8809d7/lt452.jpg 1/20 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f1347cd7-421a-4787-b554-0a69a9db91db/lt244.png 1/20 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 1/20 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/127-what-were-reading-lp daily 0.75 2023-01-31 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 1/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a8a97931-3ab4-4af8-b5a5-6aff00a9e02c/lt346.png 1/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/bd0ecec1-0c1a-46aa-9b48-b9d2653e48d3/lt3435.png 1/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 1/27 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/203-what-were-reading-lp daily 0.75 2023-02-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 2/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/51da664c-6ca2-442d-9106-059b3a990a1d/lt45453.png 2/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/bd0ecec1-0c1a-46aa-9b48-b9d2653e48d3/lt3435.png 2/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 2/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/spreadthegreen-2023 daily 0.75 2023-03-07 https://www.legacytrustcompany.com/nextg-pass daily 0.75 2023-02-15 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/05e8721a-7638-4041-8dc4-2eabae1b1ce1/Ne.png NextGen Portal 2 - Password LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/nextgen-portal-retirement daily 0.75 2023-02-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/05e8721a-7638-4041-8dc4-2eabae1b1ce1/Ne.png NextGen Portal - Retirement - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/nextgen-portal-all-about-insurance daily 0.75 2023-02-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/05e8721a-7638-4041-8dc4-2eabae1b1ce1/Ne.png NextGen Portal - All About Insurance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/nextgen-portal-investing daily 0.75 2023-02-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/05e8721a-7638-4041-8dc4-2eabae1b1ce1/Ne.png NextGen Portal - Investing - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/nextgen-portal-life-events daily 0.75 2023-02-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/05e8721a-7638-4041-8dc4-2eabae1b1ce1/Ne.png NextGen Portal - Life Events - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/nextgen-portal-budgeting daily 0.75 2023-05-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/05e8721a-7638-4041-8dc4-2eabae1b1ce1/Ne.png NextGen Portal - Budgeting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/210-what-were-reading-lp daily 0.75 2023-02-14 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 2/10 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 2/10 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/hollys-corner-36 daily 0.75 2023-03-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/69be52cc-5b8f-4b36-9ea1-1039ab1f03cc/hiring+%286+%C3%97+4+in%29.png Holly's Corner 3/6 https://www.legacytrustcompany.com/303-what-were-reading-lp daily 0.75 2023-03-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 3/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/5b0363f3-f56c-45fc-86be-a0bf2926be7e/lt+34434.jpg 3/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/12146f89-b536-44d5-8cc3-1d180a819f0a/lt+4545.png 3/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 3/03 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/hollys-corner-313 daily 0.75 2023-03-13 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/366d6e4e-38e0-4b20-a9b5-9bfd947c7db7/hiring+%286+%C3%97+4+in%29+%281%29.png Holly's Corner 3/13 https://www.legacytrustcompany.com/hollys-corner-320 daily 0.75 2023-03-20 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/5763bcab-13dc-4473-8f61-60fabd6ab7bd/hiring+%286+%C3%97+4+in%29+%282%29.png Holly's Corner 3/20 https://www.legacytrustcompany.com/hollys-corner-327 daily 0.75 2023-03-27 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d7ec05df-8c0e-4713-8dd5-e60f6e907eca/hiring+%286+%C3%97+4+in%29+%283%29.png Holly's Corner 3/27 https://www.legacytrustcompany.com/hollys-corner-43 daily 0.75 2023-04-03 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0873650e-ee1a-4a65-9d7c-289bd3fb40b0/hiring+%286+%C3%97+4+in%29+%284%29.png Holly's Corner 4/3 https://www.legacytrustcompany.com/414-what-were-reading-lp daily 0.75 2023-04-17 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 4/14 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/95f35aca-5d1f-4f8a-8405-2084c812beb5/Your+paragraph+text.png 4/14 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6ea4e359-56f5-4dac-a586-b611d9d99d42/lt.png 4/14 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 4/14 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/lp-nonbook-club-event-registration daily 0.75 2023-04-20 https://www.legacytrustcompany.com/421-what-were-reading-lp daily 0.75 2023-04-24 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 4/21- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/aef1d3fd-5646-4526-9ba7-e81ac3d14f16/Untitled+design+%286%29.png 4/21- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6ea4e359-56f5-4dac-a586-b611d9d99d42/lt.png 4/21- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 4/21- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/51-what-were-reading-lp daily 0.75 2023-05-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 5/1 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/aef1d3fd-5646-4526-9ba7-e81ac3d14f16/Untitled+design+%286%29.png 5/1 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6ea4e359-56f5-4dac-a586-b611d9d99d42/lt.png 5/1 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 5/1 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/55-what-were-reading-lp daily 0.75 2023-05-22 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 5/5 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/bdd935d3-5c27-451d-aedf-d7789d0102ee/Your+paragraph+text.png 5/5 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/66d146c0-489a-404e-950c-608defac9fd8/lt.png 5/5 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 5/5 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/519-what-were-reading daily 0.75 2023-05-22 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 5/19 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d05de6f0-74cf-47b5-8a5a-53d3b339ac01/Your+paragraph+text+%282%29.png 5/19 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0e9eac36-ed34-4de3-8fc2-9c06e84c1ca7/Your+paragraph+text+%281%29.png 5/19 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 5/19 - What We're Reading - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/62-what-were-reading-lp-copy daily 0.75 2023-06-05 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 6/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/54565df9-1544-435c-9834-2c9327b4c924/lt454.png 6/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 6/2 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/69-what-were-reading-lp daily 0.75 2023-06-12 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 6/9 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4268f7dd-2138-4a9d-a47a-5deb6474e367/Your+paragraph+text+%285%29.png 6/9 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/083fbf43-4bc2-4234-8c15-70b14dd58c1b/lt.png 6/9 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 6/9 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/616-what-were-reading-lp daily 0.75 2023-06-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 6/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c1d8dd40-f527-42a4-9310-0cea8cf4f135/Your+paragraph+text+%287%29.png 6/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/33b25dc8-20dd-4111-845f-f167a32986b5/lt4567.png 6/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 6/16 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/7323-what-were-reading-lp daily 0.75 2023-07-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/7/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/834d835c-5cf3-469e-bd56-83c9e09fc22a/Your+paragraph+text+%289%29.png 7/7/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/7/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/714-what-were-reading-lp-copy daily 0.75 2023-07-17 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/14/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/14/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/72123-what-were-reading-lp daily 0.75 2023-07-24 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/21/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/21/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/72823-what-were-reading-lp daily 0.75 2023-07-31 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/28/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d99b8497-e3e7-4e27-9585-24e0dad2ef16/ly757.png 7/28/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 7/28/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/80423-what-were-reading-lp daily 0.75 2023-08-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 8/04/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fce0d44f-3dac-4a1c-aac9-e0a095b09411/sdf.png 8/04/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 8/04/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/81823-what-were-reading-lp daily 0.75 2023-08-21 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 8/18/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/e9632c31-3119-4bfd-819e-2e098e1cf307/lt345.png 8/18/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 8/18/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/92223-what-were-reading-lp-copy daily 0.75 2023-09-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 9/22/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f8870be1-e237-4b6c-8dd9-2ffac45d2ce0/lt546546.png 9/22/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 9/22/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/92923-what-were-reading-lp daily 0.75 2023-10-02 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 9/29/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 9/29/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/100623-what-were-reading-lp daily 0.75 2023-10-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/06/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a9d820d3-15cf-41ec-b717-54837d10b227/lt6768.png 10/06/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 10/06/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/100623-what-were-reading-lp-copy daily 0.75 2023-10-23 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/20/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8223ba8a-a315-437f-aff1-09357c05c800/fsdfsdf.png 10/20/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fe646c2e-4f77-4555-b3a2-d0ec7dacbc03/dsfds.png 10/20/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 10/20/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/carmen-warner-1 daily 0.75 2024-03-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/74434f15-09e5-46ec-bc74-a93dd910b355/Untitled+design+%2891%29.png Carmen Warner https://www.legacytrustcompany.com/111023-what-were-reading-lp daily 0.75 2023-11-13 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 11/10/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a8264d16-f20b-4dec-8f0f-48eae7e1574a/dfsdf.png 11/10/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 11/10/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/111723-what-were-reading-lp daily 0.75 2023-11-20 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/ae663ee6-909c-4faf-8017-31043c5dcd7a/Legacy+Trust+Header+11-23.png 11/17/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/0b8a4917-0418-439d-930b-3a69029e784d/bcvb.png 11/17/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fca63aef-1a89-4b91-8808-03a1d87feb2e/fghfgh.png 11/17/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 11/17/23 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/charts-that-matter-2022-archieve daily 0.75 2023-11-29 https://www.legacytrustcompany.com/charts-that-matter-copy daily 0.75 2023-11-29 https://www.legacytrustcompany.com/what-were-reading-archive daily 0.75 2023-12-01 https://www.legacytrustcompany.com/spread-the-green-campaign-lp-copy daily 0.75 2024-02-06 https://www.legacytrustcompany.com/carmen-warner-copy daily 0.75 2024-02-12 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/e3f13019-b3a1-402b-af80-bd21583e9603/Untitled+%282+x+3+in%29+%286%29.jpg Carmen Warner (Copy) https://www.legacytrustcompany.com/127-what-were-reading-lp-copy daily 0.75 2024-02-12 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 2/09 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fad8292f-b638-41af-ad5e-a3ae47afa539/fgd.png 2/09 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 2/09 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/lp-nonbook-club-event-registration-copy daily 0.75 2024-03-04 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/fe533602-45c6-41d9-8d7b-fdde103118f2/LT+3.27.24.png LP Non-book club event registration (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/kristin-d-mclauchlan daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/24fa2cea-eff4-411c-b72f-532597ec12a3/2.png Kristin D. McLauchlan - 2024 https://www.legacytrustcompany.com/rodney-mclauchlan daily 0.75 2026-03-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/3e7d40c2-8038-4076-acb0-8a261ca10401/14.png Rodney McLauchlan - 2024 https://www.legacytrustcompany.com/kristi-quick daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d9e33bdb-2770-451b-bba7-69fb56ae5ed9/4.png Kristi Quick - 2024 https://www.legacytrustcompany.com/susan-tronti daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/96211486-6071-4036-9542-bd06c650d2f7/7.png Susan Tronti - 2024 https://www.legacytrustcompany.com/holly-tyrrell daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b066f1ae-75f1-431b-a14c-910ec911e514/10.png Holly Tyrrell - 2024 https://www.legacytrustcompany.com/chord-mclaughlin daily 0.75 2026-01-28 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2b6f389b-c860-43ed-bf99-7f07fda300cf/Chord+-+standing.jpg Chord McLaughlin - 2024 https://www.legacytrustcompany.com/natalie-johns daily 0.75 2024-04-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/72b37571-7a4f-4059-b314-b0f549e0bcab/3.png Natalie Johns - 2024 https://www.legacytrustcompany.com/debbie-burchette daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/faa35d7c-da8f-4180-b6a2-1b1c90afff6b/8.png Debbie Burchette - 2024 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/james-tronti daily 0.75 2024-04-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f77cb37c-08f0-4f2e-a065-3578425e90cd/11.png James Tronti - 2024 https://www.legacytrustcompany.com/carol-pochon daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/ddb35bfc-8487-4831-b846-09fc337f6b9e/9.png Carol Pochon - 2024 https://www.legacytrustcompany.com/jill-lineberger daily 0.75 2024-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c8d28e63-43b8-4200-979c-89e77d37c77d/1.png Jill Lineberger - 2024 https://www.legacytrustcompany.com/jessica-bui daily 0.75 2024-04-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8243af42-8d89-43d2-bfdd-f6699a220828/6.png Jessica Bui - 2024 https://www.legacytrustcompany.com/32524-what-were-reading-lp daily 0.75 2024-03-25 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 3/25/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b5b6cea4-c3e6-421d-94e9-42a6c89b735b/dgsg.png 3/25/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4fe235c8-fd0b-46e5-ad55-0c8d388fcbc0/sgdfgd.png 3/25/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 3/25/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/4524-what-were-reading-lp daily 0.75 2024-04-08 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 4/5/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/76ef9100-04ba-4ba9-8014-67a454708eed/gfdg.png 4/5/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 4/5/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/41924-what-were-reading-lp daily 0.75 2024-04-22 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 4/19/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/5e540dd2-4899-444b-a876-9170d49a488d/gfgfdd.png 4/19/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 4/19/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/426-what-were-reading-lp daily 0.75 2024-04-29 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 4/26- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/aef1d3fd-5646-4526-9ba7-e81ac3d14f16/Untitled+design+%286%29.png 4/26- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6ea4e359-56f5-4dac-a586-b611d9d99d42/lt.png 4/26- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/1ee8ec69-3c8a-404c-a163-b1f0ee7a1810/lt6.png 4/26- What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/42624-what-were-reading-lp-copy daily 0.75 2024-04-29 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 4/26/24 - What We're Reading LP (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c335d2ad-5318-4632-99c4-d33a2fa63993/dfds.png 4/26/24 - What We're Reading LP (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 4/26/24 - What We're Reading LP (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/50324-what-were-reading-lp daily 0.75 2024-05-06 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 5/03/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/6afdef24-e557-422f-aa9c-41e36712fcfb/hgjg.png 5/03/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 5/03/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/53124-what-were-reading-lp daily 0.75 2024-06-03 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 5/31/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/28cd34e6-b6a5-4be1-8478-99c7e451a106/gdfgsgs.png 5/31/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 5/31/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/6724-what-were-reading-lp daily 0.75 2024-06-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 6/7/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/278dc6ae-7a28-4d75-862d-53c0c9f7d410/sdfsdfd.png 6/7/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 6/7/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/71924-what-were-reading-lp-copy daily 0.75 2024-07-22 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/19/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/bf7d675d-a8f2-4437-a43a-e51e207cebc3/June+Inflation+FRED.PNG 7/19/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 7/19/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/72624-what-were-reading-lp daily 0.75 2024-07-29 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/26/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f68b121f-b088-4ed8-8031-6754b7b3e047/Summer+Travel.png 7/26/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 7/26/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/natalie-article-reference-lp daily 0.75 2024-07-30 https://www.legacytrustcompany.com/80524legacys-perspective daily 0.75 2024-08-05 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/818920e8-c921-42e7-9acd-c22df1299279/lp.png 8/05/24 - Legacy's Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/20000e8f-eee5-4732-a61c-0150afdfc5bd/Legacy%27s+Perspective+footer+2024.png 8/05/24 - Legacy's Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/71624-what-were-reading-lp daily 0.75 2024-08-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 7/16/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/429f615e-19f6-49f0-ac27-91813d94b184/July+CPI.PNG 7/16/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 7/16/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/90624-what-were-reading-lp-copy daily 0.75 2024-09-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 9/06/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/e8f43c5c-b2c8-4055-8d24-6cb8f2719c96/Rtn+By+Mth.PNG 9/06/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 9/06/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/100324-what-were-reading-lp daily 0.75 2024-10-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/03/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/ee97558d-011b-4095-b88c-be171a0e47ef/US+Foreign+Land+Ownership.jpeg 10/03/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 10/03/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/101124-what-were-reading-lp daily 0.75 2024-10-14 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/11/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/5cdba783-9ec5-4b92-af7a-ee0226118e17/9.26-earnings-growth.png 10/11/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 10/11/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/101824-what-were-reading-lp daily 0.75 2024-10-21 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 10/18/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/dc75a9d6-1050-47be-af8f-d36e063885c7/Fed+Cutting+Cycle.png 10/18/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 10/18/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/lp-nonbook-club-event-registration-copy-copy daily 0.75 2024-11-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/ad49775e-af84-40d4-9c29-fa33858c2784/Event+invites.jpg LP Non-book club event registration (Copy) (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/110824-what-were-reading-lp daily 0.75 2024-11-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/2be62b93-8e07-457b-bb8e-28580783a5e1/lt7.jpg 11/08/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/8b732b7a-eb48-431c-a20b-df67d8554b88/Consumer.PNG 11/08/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 11/08/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/121324-what-were-reading-lp daily 0.75 2024-12-16 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4ae34eb0-c48e-4690-940a-92cf0ca5144e/434569742_956617076168182_6331112265675467102_n.jpg 12/13/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/bd804933-e092-46d4-a02b-5dfc67b4aa28/Small+Business+Sentiment.png 12/13/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 12/13/24 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/lp-nonbook-club-event-registration-jan-2025 daily 0.75 2024-12-19 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d6e3a6e2-b250-42c4-8547-6421919d6e28/Event+invites+%284%29.jpg Jan 2025 LP Non-book club event registration - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/lp-nonbook-club-event-survey daily 0.75 2024-12-19 https://www.legacytrustcompany.com/spread-the-love-campaign-lp-copy-1 daily 0.75 2025-01-27 https://www.legacytrustcompany.com/21325-what-were-reading-lp-copy daily 0.75 2025-02-17 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4ae34eb0-c48e-4690-940a-92cf0ca5144e/434569742_956617076168182_6331112265675467102_n.jpg 2/13/25 - What We're Reading LP (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/10d2f164-1cd3-4dd2-bd93-bc344c504771/Tariff+Trepidation.JPG 2/13/25 - What We're Reading LP (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 2/13/25 - What We're Reading LP (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/30925-legacy-perspective daily 0.75 2025-03-10 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/710bbad6-e173-419f-9345-47b217baf218/b3f37e09-7c70-438e-bdcb-e8c43d60f1e2.png 3.10.25 Legacy Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/f7e9dc11-c5b1-480d-8640-6530fd55e7b9/Legacy%27s+Perspective+footer+2024.png 3.10.25 Legacy Perspective - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/march-2025-lp-nonbook-club-event-registration daily 0.75 2025-03-27 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/c4d5b7f9-c566-4856-af84-2365e6f3c2fd/Event+invites.png March 2025 LP Non-book club event registration - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/21325-what-were-reading-lp-copy-copy daily 0.75 2025-04-01 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/4ae34eb0-c48e-4690-940a-92cf0ca5144e/434569742_956617076168182_6331112265675467102_n.jpg 3/28/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/b234c67e-02d7-48db-84a0-4c3d1afd4125/US+Biggest+Importer.JPG 3/28/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/932faadb-017e-4350-9896-699bca85512a/Less+Reliant+on+Trade.JPG 3/28/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a64212a7-e723-435d-9b8d-f061410c0cff/WWR+Footer+2024+%282%29.png 3/28/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/32825-what-were-reading-lp-copy daily 0.75 2025-04-07 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/710bbad6-e173-419f-9345-47b217baf218/b3f37e09-7c70-438e-bdcb-e8c43d60f1e2.png 4/05/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/57bbcae3-cbd7-44bf-8d07-f687c3374ee7/Legacy%27s+Perspective+footer+2024.png 4/05/25 - What We're Reading LP - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/featured-pedro daily 0.75 2025-04-23 https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510596491012-6S8SAJDG67I84KX2PRDO/Plant_05_3x2_v02.gif Featured - Orchids Here is a description of your product. Adipiscing elit. Donec odio. Quisque volutpat mattis eros. Nullam malesuada erat ut turpis. https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510176997655-KUJC00TPJ3A6NISFAWNW/texture-home-pencil.jpg Featured - Pencil Cactus Here is a description of your product. Adipiscing elit. Donec odio. Quisque volutpat mattis eros. Nullam malesuada erat ut turpis. https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510174730750-47QW28Y4RNVS15FFADED/image-asset.jpeg Featured - Calatheas Here is a description of your product. Adipiscing elit. Donec odio. Quisque volutpat mattis eros. Nullam malesuada erat ut turpis. https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510328418043-YF2PXMX91TN53GF2CDB7/Plant_04_3x2_v02.gif Featured - Haworthias Here is a description of your product. Adipiscing elit. Donec odio. Quisque volutpat mattis eros. Nullam malesuada erat ut turpis. https://www.legacytrustcompany.com/terms-conditions-pedro daily 0.75 2025-04-23 https://www.legacytrustcompany.com/faqs-pedro daily 0.75 2025-04-23 https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510178058522-TA5I3H1G6MZC0MW0LOX4/Header_02_022.jpg FAQs - FAQs https://www.legacytrustcompany.com/content-pedro daily 0.75 2025-04-23 https://images.squarespace-cdn.com/content/v1/59dce94549fc2b64d089a33b/1510180121960-9OB62HWQH1HLXWCVWT89/texture-banner.jpg Content https://www.legacytrustcompany.com/july-2025-lp-nonbook-club-event-registration daily 0.75 2025-09-27 https://www.legacytrustcompany.com/fmnl-q3 daily 0.75 2025-10-17 https://www.legacytrustcompany.com/november-2025-lp-nonbook-club-event-registration daily 0.75 2025-10-21 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/da066439-6ef7-40d5-92f8-e190855cc1d3/Event+invites.jpg November 2025 LP Non-book club event registration (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/jayden-diaz daily 0.75 2026-02-09 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/9ce98a4c-b008-4f6e-ad9c-8e253819e5f4/Untitled+design+%2897%29.png Jayden Diaz - 2025 https://www.legacytrustcompany.com/annie-healy daily 0.75 2026-02-11 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/d551f3fd-f8d5-4ade-8481-77596febc784/Untitled+design+%2899%29.png Annie Healy - 2025 https://www.legacytrustcompany.com/november-2025-lp-nonbook-club-event-registration-1 daily 0.75 2025-12-18 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/da066439-6ef7-40d5-92f8-e190855cc1d3/Event+invites.jpg November 2025 LP Non-book club event registration (Copy) (Copy) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/january-2026-lp-nonbook-club-bracelet daily 0.75 2026-01-16 https://www.legacytrustcompany.com/strike-a-chord daily 0.75 2026-01-30 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/43bcec15-2761-4da8-8bfe-1ee2c860f36c/Ms.Fits+%285%29.png Strike A Chord Podcast - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.legacytrustcompany.com/spread-the-love-campaign-lp-2026 daily 0.75 2026-02-02 https://www.legacytrustcompany.com/march-2026-nonbook-club-event-registration daily 0.75 2026-02-26 https://images.squarespace-cdn.com/content/v1/59d659e251a5847611759e8d/a36a64a3-deeb-4a2e-861b-7ab6b6891ca9/Event+invites+%281%29.jpg March 2026 Non-book club event registration - Make it stand out Whatever it is, the way you tell your story online can make all the difference.