1. Looking Through A Glass Darkly: The Future of The Market and Your Investments A Presentation by John Mauldin, Author of Bull’s Eye Investing And the Editor of Thoughts from the Frontline

2. The More Things Change…

3. Three Things That Will Not Change A.The Innovation Cycle B.Secular Bull and Bear Markets C.Human Psychology

4. TheInnovationCycle

5. The Innovation S-Curve Market Penetration Time

6. Diagram of Dent’s Innovation Cycle Market Penetration Time

7. Some Ruminations on the Character of a Secular Bear Market

8. “The race is not to the swift, nor the battle to the strong.” But that is the way to the Bet.

9. They all start with period’s of high price to earnings (P/E) ratio’s

13. Markets are Volatile and Tricky Little DEVILS

15. The negative impact of compounding: Giving back the good times

17. Taxpayer Nominal

18. Taxpayer Real

19. Human Psychology -Just a few examples of our behavior patterns which drive the markets - And Drive Us Crazy

20. A. The Home Field Advantage B. Confirmation Bias C. Hindsight Bias D. Extrapolation - Projection vs. Interference

21. What Will Change? A. The Pace of Innovation B. The Pace of Globalization C. The Shift From A US-Centric World to a More Balanced World

22. The Pace of Innovation The Shakeout from the Information Age EconomyInnovationGrowth BoomShakeoutMaturity Boom Agricultural / Commerce-- -1809 Cotton / Textile1762-17941794-18341834-18431843-1861 Railroad / Industrial1831-18471847-18881888-18951895-1917 Mass Production1882-19081908-19371937-19441944-1973 Information1961-19811981-2007?2007-2014?--

23. Railroad/Industrial Economy Industries Industry Innovation Date Growth Boom Maturity Boom Coal--1844-18831883-1917 Education (Elementary)---18511851-1930 Iron--1846-18891889-1916 Railroad18301857-18871887-1917 Steel18551878-18981898-1918 Telegraph18441860-18931906-1929 Composite18391847-18891895-1917

24. Mass-Market Economy Industries Industry Innovation Date Growth BoomMaturity Boom Airline19091951-19671967-1987 Broadcasting19171925-19401946-1970 Education (Secondary)--1910-19401940-1970 Electric Power18821905-19411945-1976 Electric Appliances19011909-19371943-1960 Motor Vehicles18931907-19291949-1973 Petroleum18591889-19371943-1956 Synthetic Fibers18841921-19361943-1978 Telephone18761907-19291945-1980 Composite18951908-19371944-1973

25. Demography is Destiny The Pace and Shift of Globalization

31. Fundamental Restructuring

32. The Shift to the East is an Economic, Political and Demographic Governments are the Problem, not the Solution

33. The Change is the Demise of Centralized Governments and the Rise of the Sovereign Individual