Clear Rock Market ChartBook

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©2021 CLEAR ROCK ADVISORS, LLC. ALL RIGHTS RESERVED.
The Good News.. Q2 Earnings Expectations

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The Mixed News.. Incomes & Spending
“Volatile swings in income continue … personal income -13.1% in April vs. +20.9% in prior month; spending
in line with expectations at +0.5% vs. +4.7% in prior month” – Liz Ann Sonders
Source: Liz Ann Sonders

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The Mixed News.. Savings
Source: Liz Ann Sonders

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The Bad News.. Inflation
“The measure of inflation most watched by the Fed surges to the highest since 1992. U.S. personal consumption
expenditure core price index” – Lisa Abramowicz
Source: Lisa Abramowicz

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“I note a growing consensus on FinTwit that sticky inflation is a consensus view. I doubt that. If it was, then
the US 10-yr yield wouldn't be 1.6%. Historically, such a low yield has been in line with 1.5-1.7% core
inflation, ie the bond market believes the transitory story” – Mikael Sarwe
The State Of The Market.. Bond Market Says Otherwise
Source: Mikael Sarwe

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The State Of The Market.. Inflation Beneficiaries

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The State Of The Market.. Value Almost Caught Up

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The State Of The Market.. Value Just Getting Started?

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The State Of The Market.. The Value Cycle

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The State Of The Market.. Earnings Yield Turns Negative

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The State Of The Market.. Earnings Yield Turns Negative

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The State Of The Market.. AMC, Again?
Source: Katie Greifeld

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“THE OUTLIER: Nice look at how whacked $AMC's market value is based on its revenue and other movie chains using ann
observations over past 40yrs. Basically, it should be $2b but rn its $23b lol via @ProfessorLennyK”– Eric Balchunas
Source: Kostovetsky, Leonard. “Valuing Tulips: Guesstimating the Future of GameStop and AMC.” The Blindfolded Chimpanzee, 1 June 2021, theblindfoldedchimp.com/valuing-tulips-guesstimating-the-future-of-
gamestop-and-amc/.

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Story Of The Week.. ‘Immaterial’ Sculpture
… So nothing just sold for $18,000
Source: Papadopoulos, Loukia. “World's First 'Immaterial' Sculpture Sells for 15,000 Euros.” Interesting Engineering, Interesting Engineering, 29 May 2021, interestingengineering.com/worlds-first-immaterial-sculpture-
sells-for-15000-euros.

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Charles F. Hall, Jr.
Chairman
Phone: 210-464-1030
Email: chuck@clearrockadvisors.com
Ty Sanders
Chief Executive Officer
Phone: 512-576-1589
Email: ty@clearrockadvisors.com
Royce W. Medlin, CFA, CAIA
Chief Investment Officer
Phone: 214-923-5756
Email: royce@clearrockadvisors.com
Royce G. Itschner, CPA, CFP®
Managing Director
Phone: 830-315-2555
Email: rgi@clearrockadvisors.com
Corey Long, CFP®
Managing Director
Phone: 832-693-8254
Email: corey@clearrockadvisors.com
Aaron Lang
Portfolio Analyst
Phone: 469-623-1220
Email: aaron@clearrockadvisors.com
Tamra Nix
Operations Manager
Phone: 830-315-2555
Email: tamra@clearrockadvisors.com
Our Locations:
Austin Office
9020 N. Capital of Texas Hwy
Building I, Suite 345
Austin, TX 78759
Phone: 512-735-0222
Dallas Office
4809 Cole Avenue, Suite 345
Dallas, Texas 75205
Phone: 214-923-5756
Kerrville Office
707 Hill Country Dr # 114
Kerrville, Texas 78028
Phone: 830-315-2555

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Clear Rock Advisors, LLC is registered with the SEC as a registered investment advisor with offices in Texas. Different
types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of
any specific investment or investment strategy (including the investments and/or investment strategies recommended
and/or undertaken by Clear Rock Advisors, LLC) or any investment-related or financial planning consulting services
will be profitable, equal any corresponding indicated historical performance level(s), or prove successful. It remains
the client’s responsibility to advise Clear Rock Advisors, LLC, in writing, if there are any changes in the client’s
personal/financial situation or investment objectives for the purpose of reviewing, evaluating or revising Clear Rock
Advisors, LLC’s previous recommendations and/or services, or if the client would like to impose, add to, or modify
any reasonable restrictions to Clear Rock Advisors, LLC’s services. A copy of Clear Rock Advisors, LLC’s current
written disclosure statement discussing its advisory services and fees are available upon request.

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