Capital Markets Winter 2021

I

Economic Dispersion Road to Recovery

• Certain areas of the economy are depressed while others are not

I

• We believe some of the weak end markets will rebound

Change in Personal Consumption During Pandemic

II

34%

16%

13%

III

-7%

-13%

-49%

-56% -62%

IV

-81% -86%

-94%

V

VI

Source: U.S. Bureau of Economic Analysis and Alger. Change is calculated as November 2020 spending versus December 2019.

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