CHART 2: INDIA POPULATION DISTRIBUTION 2015 100+ f 95-99 90-94 ll 85-89 i 80-84 Cia 75-79 ae 70-74 —| 65-69 a 60-64 Eee) 55-59 a Vv i 3950-54 a | | 45-49 TT —— 40-44 a | 35-39 EEE 30-34 | 25-29 a 20-24 ee 15-19 (NNN EE—E>E=—E—k—E—=—{_—E=—=—=—E=—E=F=—L_E=E—=Z{€—’“=coD) 10-14 Tr —Ek—;— 5-9 a 0000000000 0-4 ee eeeeeeeeeeeeeeeee—>"Teog 6% 4% 2% 0% 2% 4% 6% es (alc Me Female Source: United Nations; World Population Prospects, The 2017 Revision right camps. So far, Macron has fostered a good rapport with — growth. Companies that disrupt mature businesses, like many German Chancellor Angela Merkel, whom we expect tobe re- _ of the FANG stocks have, typically have not relied on a robust elected in September. The political risk in continental Europe global economy to generate their amazing revenue growth. is now centered in Italy, but we were encouraged that its far- | Most other sectors in the S&P 500 Index, however, would likely left Five Star Movement suffered key defeats in recent regional _ benefit from a stronger economy. elections, which could bode well for their next national elec- tion, likely to occur next spring. 7 ¢ ee Summary and Conclusion In addition to Italy, Brexit remains a large political risk for ; ; . . ; gs . Many bull markets have interesting back stories as to how they 2018 as the weakened Tories will be negotiating with at best ; . . . . begin and end. The latest bull market can arguably be traced a tenuous alliance with the Democratic Unionist Party (DUP) D : . back to March 9, 2009 when the CEO of Citibank, Vikram and at worst may face another election and lose power alto- : ; Fcc pid : — Pandit, released a memo to employees announcing that the gether. We believe it is too soon to make major portfolio shifts —— ; . ; : company was having its best quarter since early 2007. The based on Brexit, but we are watching this closely as substan- ; tial . ae : in market embraced that memo as a sign the worst was over, ial progress in negotiations will need t