Here's the slide deck from one of Maya Marisa Joelson's popular presentations at the Harvard Club in Washington DC.

1. Harvard Club of DC
The Meta Points of Investing
Maya Marisa Joelson
HKS 2004
President, Meta Point Advisors

2. Historical US Interest Rates
0
2
4
6
8
10
12
14
16
18
20
03/1970
10/1971
05/1973
12/1974
07/1976
02/1978
09/1979
04/1981
11/1982
06/1984
01/1986
08/1987
03/1989
10/1990
05/1992
12/1993
07/1995
02/1997
09/1998
04/2000
11/2001
06/2003
01/2005
08/2006
03/2008
10/2009
05/2011
12/2012
07/2014
02/2016
09/2017
Fed Funds Rate US 10 Year Treasury

3. US Interest Rates to Bond Index
0
1
2
3
4
5
6
1000
1200
1400
1600
1800
2000
2200
1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017
LBUSTRUU Index USGG10YR Index

4. US Stock Market: S&P 500 Index
0
500
1000
1500
2000
2500
03/1971
04/1973
05/1975
06/1977
07/1979
08/1981
09/1983
10/1985
11/1987
12/1989
01/1992
02/1994
03/1996
04/1998
05/2000
06/2002
07/2004
08/2006
09/2008
10/2010
11/2012
12/2014
01/2017
S&P 500

5. Stock Market: S&P and Nasdaq
0
1000
2000
3000
4000
5000
6000
7000
03/1971
10/1972
05/1974
12/1975
07/1977
02/1979
09/1980
04/1982
11/1983
06/1985
01/1987
08/1988
03/1990
10/1991
05/1993
12/1994
07/1996
02/1998
09/1999
04/2001
11/2002
06/2004
01/2006
08/2007
03/2009
10/2010
05/2012
12/2013
07/2015
02/2017
S&P 500 Nasdaq

6. S&P v. Bond Yields
1
3
5
7
9
11
13
15
0
500
1000
1500
2000
2500
3000
1/70
11/71
9/73
7/75
5/77
3/79
1/81
11/82
9/84
7/86
5/88
3/90
1/92
11/93
9/95
7/97
5/99
3/01
1/03
11/04
9/06
7/08
5/10
3/12
1/14
11/15
9/17
SPX Index (R1) USGG10YR Index (L1)

7. Bond Yields Still very Low to SP Yield…
-200
0
200
400
600
800
1000
12/70
2/72
4/73
6/74
8/75
10/76
12/77
2/79
4/80
6/81
8/82
10/83
12/84
2/86
4/87
6/88
8/89
10/90
12/91
2/93
4/94
6/95
8/96
10/97
12/98
2/00
4/01
6/02
8/03
10/04
12/05
2/07
4/08
6/09
8/10
10/11
12/12
2/14
4/15
6/16
8/17
Ratio of US 10 Yr to SP Dividend Yield

8. Oil peaked in August 2008 but stayed
high for several years…
0
20
40
60
80
100
120
140
09/83
11/84
01/86
03/87
05/88
07/89
09/90
11/91
01/93
03/94
05/95
07/96
09/97
11/98
01/00
03/01
05/02
07/03
09/04
11/05
01/07
03/08
05/09
07/10
09/11
11/12
01/14
03/15
05/16
07/17
Oil/$ per barrel (WTI)

9. Sector Performance since 1990
0
2
4
6
8
10
12
14
3/90
3/91
3/92
3/93
3/94
3/95
3/96
3/97
3/98
3/99
3/00
3/01
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
3/13
3/14
3/15
3/16
3/17
S&P 500 Financials
Healthcare IT
Energy Utilities
Consumer Staples Consumer Discretionary

10. Sector Performance since 2014
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
1.6
1/14
3/14
5/14
7/14
9/14
11/14
1/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
S&P 500 Financials
Healthcare IT
Energy Utilities
Consumer Staples Consumer Discretionary
Industrials

11. Sectors Matter…

12. Emerging and
“international” markets
Wall Street Journal:
Tech companies have powered this year’s rally in
the developing world, helping the MSCI Emerging
Markets Index return 29%, its highest level in six
years.
The emerging markets tech sector’s return this
year is nearly double, at 54%, compared with the
overall index year-to-date, according to MSCI.
The rise of technology companies represents a
major reversal from earlier years, when banks,
utilities and commodity producers dominated
stock trading in the developing world. In 1995,
when global investing in emerging-market stocks
started to take off, tech shares accounted for only
1.5% of the index, according to MSCI.
Now, tech companies make up about 27% of the
emerging markets index, according to the latest
figures. That’s slightly more than U.S. tech’s share
of S&P 500 market value, which stood at nearly
24% at the end of August.

13. Market Data as of 9/8/2017
• Remember Rule of 72!
• A 50% loss?!

14. Stocks Matter
0
5
10
15
20
25
30
06/05
12/05
06/06
12/06
06/07
12/07
06/08
12/08
06/09
12/09
06/10
12/10
06/11
12/11
06/12
12/12
06/13
12/13
06/14
12/14
06/15
12/15
06/16
12/16
06/17
Apple S+P Starbucks Amazon Exxon
JCPenney IBM Ford Merck Lockheed Martin

15. Taxes, Losses, and Fees Matter
• Capital Gains
• Ordinary Income
• Loss of 50%
• Fiduciary Rule

16. Meta Point Investment Matrix
Speculative
Protective
Retirement
Taxable
• Note with downside
protection
• Corporate bonds
• Annuities
• Municipal bonds
• Tax deferred annuities
• Growth stocks
• Emerging market
stocks
• Dividend paying stocks
• Real estate tax-efficient
• Private equity
© Marisa Joelson

17. Questions?