1. Global Macro Tipping Points
March 19th, 2012
ELEVATED RISK
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

2. Global Macro Tipping Points
March 19th, 2012
ELEVATED RISK
1. LIQUIDITY PUMPING
2. UN-NATURAL ACTS TO DO IT
3. WHERE IS THE LIQUDITY GOING?
4. WHERE THE LIQUDITY IT IS NOT GOING
5. WHY DO WE NEED TO PUMP - Money versus Credit
6. DECELERATION - Wall Street versus Main Street
7. GLOBAL SLOWING
8. GROWTH PROBLEM - Innovation & the Internet
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
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slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

3. Global Macro Tipping Points
March 19th, 2012
LIQUIDITY PUMPING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

4. Global Macro Tipping Points
March 19th, 2012
CENTRAL BANK BALANCE SHEETS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

5. Global Macro Tipping Points
March 19th, 2012
CENTRAL BANK BALANCE SHEETS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

6. Global Macro Tipping Points
March 19th, 2012
CENTRAL BANK BALANCE SHEETS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

7. Global Macro Tipping Points
March 19th, 2012
CENTRAL BANK BALANCE SHEETS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

8. Global Macro Tipping Points
March 19th, 2012
CENTRAL BANK BALANCE SHEETS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

9. Global Macro Tipping Points
March 19th, 2012
CENTRAL BANK BALANCE SHEETS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

10. Global Macro Tipping Points
March 19th, 2012
UN-NATURAL ACTS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

11. Global Macro Tipping Points
March 19th, 2012
UN-NATURAL ACTS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

12. Global Macro Tipping Points
March 19th, 2012
UN-NATURAL ACTS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

13. Global Macro Tipping Points
March 19th, 2012
UN-NATURAL ACTS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

14. Global Macro Tipping Points
March 19th, 2012
UN-NATURAL ACTS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

15. Global Macro Tipping Points
March 19th, 2012
UN-NATURAL ACTS
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

16. Global Macro Tipping Points
March 19th, 2012
WHERE IS IT GOING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

17. Global Macro Tipping Points
March 19th, 2012
WHERE IS IT GOING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

18. Global Macro Tipping Points
March 19th, 2012
WHERE IS IT GOING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

19. Global Macro Tipping Points
March 19th, 2012
WHERE IT IS NOT GOING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

20. Global Macro Tipping Points
March 19th, 2012
WHERE IT IS NOT GOING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

21. Global Macro Tipping Points
March 19th, 2012
WHY DO THEY NEED TO KEEP PUMPING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

22. Global Macro Tipping Points
March 19th, 2012
WHY DO THEY NEED TO KEEP PUMPING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

23. Global Macro Tipping Points
March 19th, 2012
WHY DO THEY NEED TO KEEP PUMPING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

24. Global Macro Tipping Points
March 19th, 2012
WHY DO THEY NEED TO KEEP PUMPING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

25. Global Macro Tipping Points
March 19th, 2012
WHY DO THEY NEED TO KEEP PUMPING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

26. Global Macro Tipping Points
March 19th, 2012
WHY DO THEY NEED TO KEEP PUMPING?
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

27. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

28. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

29. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

30. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

31. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

32. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

33. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

34. Global Macro Tipping Points
March 19th, 2012
DECELERATION AND GLOBAL SLOWING
Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

35. DISCLOSURE STATEMENT AND TERMS OF USE
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Listen to the original podcast for this slide at www.GordonTLong.com/UnderTheLens