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        improve, stock markets on both sides of the Atlantic Ocean     The last year or so has been challenging for investors, with
        should move higher. While selectivity remains paramount, given   many assets, from fixed income to equities, still in the red. But
        the economy’s transition, we continue to favour Technology,   we see that red and want to paint it black. If our assessment is
        Health Care, and Financials, among others.          correct, we are past the bottom in both the equity and fixed
                                                            income markets, and we’ll probably see performance improve
        Internationally, we still favour the US over other developed
        markets. Europe has been like Jumpin’ Jack Flash in a crossfire   into this year and next. Short-term volatility may rattle mar-
        hurricane given its proximity to the Russia/Ukraine war. Europe   kets, but a focus on diversification and asset allocation should
        has managed to navigate the effects of the war for now, thanks   help guide us through those threats. As always, your financial
                                                            advisor is there to take the lead or serve as backup to help har-
        to the warm winter and unprecedented shift away from Rus-  monise your portfolio. Remember: patience and a long-term
        sian natural gas. But the euro zone’s recovery must survive   focus are vital. After sixty years, the Rolling Stones are still
        tighter monetary policy as European Central Bank hawks focus   touring and filling stadiums—with Mick Jagger singing and
        on stubborn inflation and a tight labour market. Higher rates   Keith Richards still going on the guitar! Like them, focus on
        and a housing downturn may expose vulnerabilities in countries   continuing success over the long run!
        geared to shorter-term mortgages. While both the euro zone and
        the US will likely experience a recession, history suggests Amer-  It’s only rock ‘n roll, but I like it!
        ican companies are more adept at navigating slowdowns.
        Emerging market equities remain attractive as China has not yet
        felt the full boost from its much-touted post-COVID reopening,
        but the potential for robust growth still exists. If oil reaches our
        $90/barrel year-end target,  Latin American  equity  indices
        should benefit.                                     Lawrence V. Adam, III, CFA, CIMA®, CFP®
                                                            Chief Investment Officer

        Investment Strategy Committee Members

        Lawrence V. Adam, III, CFA, CIMA®, CFP® – Committee President,    Nicholas Lacy, CFA Chief Portfolio Strategist, Asset Management Services
        Chief Investment Officer
                                                            Joey Madere, CFA Senior Portfolio Analyst, Gibbs Capital Management*
        Eugenio J. Alemán, PhD Chief Economist, Raymond James
                                                            Tracey Manzi, CFA Senior Investment Strategist, Investment Strategy
        Professor Jeremy Batstone-Carr European Strategist,
        Raymond James Investment Services Ltd.*             Ed Mills Managing Director, Washington Policy Analyst, Equity Research
        James C. Camp, CFA Managing Director, Strategic Income,    Pavel Molchanov Managing Director, Energy Analyst, Equity Research
        Eagle Asset Management*
        Doug Drabik Managing Director, Fixed Income Research  Chief Investment Office
        Giampiero Fuentes, CFP® Economist, Raymond James    Anne B. Platt, AWMA®, AIF®, RICP® – Committee Chair, Vice President,
        J. Michael Gibbs Managing Director, Gibbs Capital Management*  Investment Strategy
        Nick Goetze Managing Director, Fixed Income Solutions  Matthew Ziyadeh, CFA Investment Strategy Analyst, Investment Strategy
                                                            Lindsay Smith Investment Strategy Analyst, Investment Strategy

        3 *An affiliate of Raymond James & Associates, Inc., and Raymond James Financial Services, Inc.
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