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April 8, 2020

Dr. David Eifrig Matt WeinschenkEditor Senior Analyst

Retirement MillionaireIncome IntelligenceRetirement TraderAdvanced Options

Conversation #3

April 8, 2020

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Questions:rem@stansberryresearch.com

April 8, 2020

U.S. Deaths Easing?

April 8, 2020

U.S. Cases Bending the Curve

April 8, 2020

Another View…

April 8, 2020

New York Getting Better

April 8, 2020

State-by-State (Last Week)

April 8, 2020

State-by-State

April 8, 2020

Best Case Worst CaseBaseline• Other states don’t

get as bad as NewYork

• 2 weeks to peak• Businesses start to

reopen• Testing available to

prevent resurgence

• 4 to 6 weeks to peak• Resurgence causes

more negative headlines.

• Certain localities have big problems

• A significant number of small businesses fail

• Economy struggles to recover (but does)

• Repeated resurgence

• 6-8 months of uncertainty

• Unemployment ≈ 20%

• Long, slow recovery

New Outlook!

April 8, 2020

GDP Forecasts

April 8, 2020

Small Business Optimism

April 8, 2020

Deficit and Unemployment

April 8, 2020

Deficit and Unemployment

April 8, 2020

Credit Spreads Still High

April 8, 2020

Long-Term View

April 8, 2020

VIX Easing Off Peak

April 8, 2020

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April 8, 2020

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