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Below is a complete copy of the presentation by Stewart Bishop at the

Cornerstone Investors Network Conference, Schaumburg, Illinois, January 27, 2007

Part One INTRODUCTION & GLOBAL THEME: Globalization and it's affects on Markets and Economies. The ascendance of corporate profits over labor income. Summary of Futures Markets' Outlook
Part Two HOUSING: How excess U.S. housing creation was in part fueled by abundant global capital savings creating artificially low interest rates; Proliferation of risky mortgage financing; Low levels of U.S. consumer savings;  U.S. economy highly exposed to housing (32% of jobs created since 2001 are linked to housing, 4X normal); Reasons for possible optimism longer-term: the long-term drivers of housing.
Part Three U.S. & GLOBAL ECONOMY: Current state of U.S. Economy. Consumer weakening, will corporate spending take up the slack? While U.S. economy weakens, the global economy is holding up well. Credit market conditions tightening.
Part Four BABY-BOOM RETIREMENT CHALLENGES. he impact on treasury bonds; Foreign financing of the U.S. "twin deficits"; Artificially low U.S. interest rates [which have in part fueled the U.S. Housing Bubble, see above]; IMF governance of the U.S. economy; Gold breakout in 2005 was at least partially linked to deficits & the risk of currency debasement. Comptroller General and Federal Reserve Chairman both speak about dangers of retirement entitlement programs. Government inaction resulting from "out of sight, out of mind" mentality.
Part Five POLICY. Policy Conundrum. Should the U.S.: Raise Taxes, Cut spending, lower interest rates, or ? For example: one proposal from Nobel Economist Joseph Stiglitz.
Part Six GOLD. Gold market calls; Gold vs. mining stocks as an indicator of trend; Gold breaks out against all major forex in Sep/Oct 2005; implications for long-term currency debasement to finance the baby boom retirement; Calling the May 2006 gold top and selloff; Commodities bubble pops; Will take pressure off inflation and interest rates; Gold now in a "sideways box". Lumber bottoming.
Part Seven ENERGY. Calling the top in crude oil in June '06 "the most significant top in the energy rally in 5 years". Current outlook for energy.
Part Eight CURRENCY. Calling the U.S. dollar rally in Oct. 2004 and Jan. 2005; Dollar technical signals through 2005; the Nov. 2005 dollar top; the dollar selloff in late April 2006; Dollar benefits short-term from safety flight in current market turmoil; Will that be enough to stop the dollar sliding to new lows?; Unclear currency charts as of 6-17-2006; We prefer the sidelines to let clearer patterns emerge in the weeks ahead; Key currency support & resistance levels; the dollar relationship to U.S. corporate earnings.
Part Nine TREASURY BONDS. Bishop's historical bond market calls; The bond top in June 2003; Calling the bond market bottom in June 2006. Status of the current rally and correction in bonds. Relationship of U.S. and European bond markets.
Part Ten CORPORATE BONDS. Corporate bonds were attractive in 2002 with wide yield spreads over Treasuries; Corporate spreads are now pricing perfection & vulnerable to an increase in stock volatility
Part Eleven STOCK MARKETS. Bishop's historical stock market calls; The 2002 stock slide; The October 2002 market bottom; Analysts slash earnings estimates at the 2002 bottom, thereby increasing the probability of "positive surprises" and an eventual rally; Just the opposite is happening today - analysts raising estimates & increasing the risk of "negative surprises"; Calling the 2004 correction as a mere pullback in on-going rally; Calling energy the #1 play during the 2004 correction; Calling the May 2006 stock market selloff; Calling the stock market rally from Sept 2006. Target industry groups. Signs the market at least short-term toppy late in January earnings season. Valuations not unreasonable. Current outlook.