Talking Data

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today, Jim and Ben will answer the question - Are Risk Markets ahead of themselves? • Is the stock market overvalued? Does this even matter? • Is the historic rotation from growth to value justified? • Are credit spreads too tight? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today, Jim and Ben will be discussing long end yields that are once again moving higher. Can it last? • Are yields finally playing catch-up relative to past global recoveries? – Also elevated ISM and copper/gold ratio? • Inflation expectations are on the brink, but not yet fully committing. Why not? • Can the Federal Reserve battle investors in the event of a material sell-off? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com or call 800-606-1872.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and, as always, I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today our topic is “Are Risk Assets Melting Up?” Topics Include: • Vaccines, Yellen’s appointment, and rebounding Chinese growth are all boosting bullish morale. - Investor sentiment at a bullish extreme? - Can risk assets ignore any missteps during a potentially dark winter? - What are the biggest risks? • Why haven’t U.S. Treasury yields fully joined the risk-on story-line? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and, as always, I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today our topic is “What Could Go Wrong?” • The last week has seen a massive rotation from WFH to reopening. Why is this happening? • What is the bond market signaling at 0.90%? What is its outlook? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and, as always, I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today we will review the three big stories of the week: the Election, the Fed Meeting and the Payroll Report. Topics Include: • The latest on the election and its impact on the markets • What is the takeaway from the Fed meeting? • What does the payroll report tell us? To sign up for a free trial of Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com or call 800-606-1872.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and, as always, I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today we will recap what happened last night and how the markets will react. Topics Include: • What happened last night? - Gridlock? - Stimulus deal? • What really matters to investors? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the latest edition of Talking Data. Our Talking Data series seeks to offer timely insights into macro market themes along with macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and, as always, I will be your host today. Our presenters are Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Over the course of this week, we have fielded dozens of inquiries pertaining to the violent sell off in the equity markets. Today, we will offer our thoughts on the topic. Topics Include: • What is the catalyst? COVID, the Election or other? • How concerned should we be? • Why isn't the bond market reacting? Is 60/40 dead? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to Talking Data LIVE. This is the sixteenth edition of our podcast series: Talking Data which offers timely insights into macro data and its impact on the economy and markets. I am Kristen Radosh of Arbor Research & Trading and I will be today’s host. Our podcast features Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. We are one week away from the big day, Jim and Ben will update you on the latest numbers and potential impact on Markets. Topics Include: • Updating the election "Horse Race." Why do the polls and betting markets not agree? • Are betting markets overly biased by financial markets? - Search activity leans towards pollsters’ expectations. • The tails will clearly impact investors most, what are the implications for financial markets of a massive blue wave versus narrow win by Biden or even Trump victory? - What about the Senate? For further information please contact Gus Handler at gus.handler@arborresearch.com or visit www.biancoresearch.com or www.datascience.arborresearch.com

Welcome to the fifteenth edition of our podcast series: Talking Data which offers timely insights into macro data and its impact on the economy and markets. Today’s podcast features Jim Bianco of Bianco Research and Ben Breitholtz of Arbor Data Science. Today we will focus on the bond market and yields. Are we entering a Breakout? • Yields are breaking out to the upside. If one believes lower for longer, how high will the Fed let rates go? • Is this about a looming stimulus deal and no more? Or, is it something more? • Questions from today’s conference call: - Should I add to my TIPS position now, or wait until after the Election? - There is a lot of confusion on MMT. How would that come into play based on the Election results? For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.

Welcome to the fourteenth edition of our podcast series: Talking Data which offers timely insights into macro data and its impact on the economy and markets. Today’s podcast features Ben Breitholtz and Pete Forbes of Arbor Data Science. Ben and Pete will be discussing Alternative Data and Machine Learning. Topics Include: • Why is alternative data having a moment in 2020? • What is an under-rated tool in using machine learning to predict financial markets and the economy? • What is the biggest challenge in applying machine learning to financial markets? • Data topics today: - Housing Market: Building permits and single family  construction - COVID-19 spread via Google Search - Rising uncertainty among officials via NLP of press  conferences For further information on Arbor Research, Bianco Research and Arbor Data Science, please contact Gus Handler at gus.handler@arborresearch.com.