IN THIS ISSUE

• Macro Strategy — Q3 Nominal GDP Spurt An Outlier: A combination of conditions point to downside risks for personal income, retail sales, corporate revenues and profits growth.
  
• Market View — “One Damn Thing After Another" — Some Historical and Pictorial Perspectives on Market Returns: It is understandable that investors find themselves confused and overwhelmed by the cadence of history and the markets.
  
• Thought of the Week — Foreign Financing Matters: The landscape of U.S. Treasury buyers has shifted.