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Strategist’s HandbookYardeni Research, Inc.July 16, 2017Dr. Edward Yardeni516-972-7683eyardeni@yardeni.comPlease visit our sites atwww.yardeni.comblog.yardeni.comthinking outside the box
Introduction to ServicesOur FirmFounded on January 1, 2007 by Dr. Ed Yardeni, Yardeni Research, Inc. provides in-depth empirical andanalytical research on the global economy, which is the basis for our investment strategy and assetallocation recommendations.Many of our clients rely on us to be their primary outsource for financial and economic research. They useour insights in developing their own global investment and business strategies. Our clients includeinstitutional portfolio managers, industry and credit analysts, managers of financial institutions, CEOs andCFOs, corporate business strategists, corporate treasurers, and government policymakers. They work forsome of the world’s leading asset management companies, mutual funds, trust companies, insurancecompanies, hedge funds, banks, and industrial corporations.Our ServicesOur comprehensive package of consulting services is designed to provide you with a unique, personalized,and valuable resource. As our client, you can expect the following:1. Dr. Ed’s Morning Briefing. Our daily analysis of the latest economic and investment issues is deliveredby email promptly at the start of the business day, with a weekly compilation each Friday morning. Thecommentary provides objective, fact-based analyses of unfolding economic, political, and investmentrelated developments and draws conclusions about their short- and long-term ramifications forinvestment and business strategies. The focus is on actionable insights that decision-makers can put touse daily and for long-term planning purposes as well.2. Dialogue with Dr. Ed. Our daily morning commentary is designed to stimulate an ongoing dialogue withyou. We welcome questions and comments by email or phone. Dr. Ed is frequently on the road, meetingwith accounts in major cities on a regular basis. The views of institutional investors and business leaderswho participate in the ongoing dialogue are often discussed in the Morning Briefing, informing andenhancing the analysis.3. Exclusive Online Information Library. Our website and our iPad/iPhone App provide you with accessto a rich library of research reports, such as our Strategist’s and Analyst’s Handbooks, as well as a vastbank of user-friendly information tools, such as chart books on key economic and financial indicatorsfeaturing useful data comparisons and proprietary data indexes.4. Personalized Tools and Resources. The website includes MyPage, which allows you to easily designyour own portal of the information you most value on our website. At your request, we maintaincustomized charts and presentation materials on your secure page. You can also receive regularemails with the latest updates of your MyPage information through our Home Delivery service.5. Top-Notch Outsource for Research. You can rely on us for the most thorough analysis of theeconomic and financial issues that matter most to you. Our consulting service provides you with directaccess to Dr. Ed and our staff on a 24/7 basis. Please contact us to discuss your individual professionalneeds.
Figure A: Yardeni Research Economic Forecasts (7/16/2017)Item (1)Q1a2016Q2aQ3aQ4aQ1a2017Q2eQ3eQ4e2016e/ 2017e/2015a 2016eReal GDPFinal SalesGross Domestic PurchasesFinals Sales to Domestic 2.22.01.62.01.72.12.22.42.42.4Personal Consumption ExpendituresDurable GoodsNondurable al Fixed InvestmentStructuresProducers' Durable EquipmentIntellectual Property ProductsResidential Fixed -2.94.74.94.37.52.64.45.0Inventory Investment (billion dollars) 40.7-9.57.149.62.64.619.624.622.012.9Net Exports (billion dollars)-566.3 -558.5 -522.2 -605.0 -595.6 -607.6 -609.6 -615.6 -563.0 -607.1Total Government PurchasesFederal GovernmentState & Local 90.30.60.1Real GDP (y/y)1.61.31.72.02.12.32.22.22.02.2Light Vehicle Sales (million units)Housing Starts (million units)Unemployment Rate 4.4Nonfarm ProductivityPCE Core .21.32.30.21.71.22.2Fed Funds Target Rate (%)10-Year Government Yield 61.132.551.382.750.441.841.132.50a actual. e estimate.(1) Quarterly and annual average percent change.Estimates based on limited information and are subject to frequent and large revisions as new information becomes available.Source: Yardeni Research, Inc.Page 1 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Figure B: S&P 500 Operating Earnings*: YRI vs. Consensus Forecasts (7/16/2017)Yardeni Research-pre tax cutLevelYOY %Yardeni Research-post tax cutLevelYOY %Analysts' ConsensusLevelYOY 4118.04 a26.96 a29.61 a31.24 a31.25 a0.5-5.7-1.64.25.9118.04 a26.96 a29.61 a31.24 a31.25 a0.5-5.7-1.64.25.9118.04 a26.96 a29.61 a31.21 a31.28 a0.5-5.7-1.64.16.02017Q1Q2Q3Q4130.00 e30.90 a31.75 e32.75 e34.75 e10.114.67.24.811.2130.00 e30.90 a31.75 e32.75 e34.75 e10.114.67.24.811.2131.47 e30.90 a31.47 e33.80 e35.44 e11.414.66.38.313.32018136.75 e5.2150.00 e15.4147.10 e11.9e estimate.* Historical earnings growth rates and earnings are not adjusted for accounting and index composition changes.Source: Yardeni Research, Inc. and Thomson Reuters I/B/E/S.Page 2 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Stock PricesFigure 1.9.59.09.5RELATIVE GLOBAL PERFORMANCE OF US MSCI:US MSCI (US ) DIVIDED BY ALL COUNTRY WORLD EX US MSCI9.0(in both US and in local currencies, daily)8.57/148.08.58.07.57.5MSCI US / ACW ex-US7.07.0In dollarsIn local 3.53.5yardeni.com3.03.01995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Source: Morgan Stanley Capital International.Figure 2.3000275025003000S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 2008-2017(ratio 12501250200-day moving average10001000750750-56.8%(517)-16.0%(70)-19.4% -9.8% -9.9% -7.7% -5.8%(157) (28) (60) (62)(34)-5.8%(19)-6.9%(37)-12.4% 0132014201520165002017Note: Corrections are declines of 10% or more, while minor ones are 5%-10% (all in blue shades). Bear markets are declines of 20% or more(in red shades). Number of calendar days in parentheses.Source: Standard & Poor’s.Page 3 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
S&P 500 Earnings, Revenues, MarginsFigure 3.135012501350S&P 500 REVENUES PER SHARE: ACTUAL (S&P quarterly data) & FORWARD (TR weekly ues Per Share85085052-week Forward*Actual 016S&P 500 EARNINGS PER SHARE: FORWARD & ACTUAL OPERATING 1007/6(dollars)Q1Q1Earnings Per Share52-week Forward*Thomson Reuters Operating (x4)S&P Operating 2014201520162017201812S&P 500 PROFIT MARGIN MEASURES7/6(percent)101110Q19988776655S&P 500 Operating Profit Margins452-week Forward* (11.0)43Thomson Reuters (10.6)32S&P 1120122013201420152016201702018* Time-weighted average of consensus operating earnings estimates for current and next years.Source: Standard & Poor’s (for actual revenues) and Thomson Reuters I/B/E/S (for forward revenues), and Bureau of the Census.Page 4 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
S&P 500 Revenues & MarginsFigure 4.252025S&P 500 AGGREGATE REVENUES & US BUSINESS SALES OF GOODS(yearly percent change)2015151010May5500-5-5-10-10S&P 500 Aggregate Revenues* (3.3)Business Sales of Goods** 304050607080910111213141516171819-2520* Revenues are derived by multiplying S&P 500 revenues per share by the S&P 500 divisor for each quarter.** Manufacturing and trade sales.Source: Census Bureau and Standard & Poor’s.Figure 5.131213S&P 500 OPERATING PROFIT MARGIN (Thomson Reuters data)& AFTER-TAX CORPORATE PROFIT MARGIN(without IVA & CCAdj)121111Q1109Corporate Profits After Tax*(as a percent of nominal GDP)(blue line)10Q198877665543S&P 500 Operating Profit MarginUsing TR Earnings**(percent, quarterly, nsa)(red line)43yardeni.com2247 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21* After-tax profits as reported to IRS excluding Inventory Valuation Adjustment (IVA) and Capital Consumption Adjustment (CCAdj), which restate thehistorical cost basis used in profits tax accounting for inventory withdrawals and depreciation to the current cost measures used in GDP.** Operating Proft Margin derived using revenues from S&P and earnings from Thomson Reuters I/B/E/S.Note: Shaded areas denote recessions according to the National Bureau of Economic Research.Source: Standard & Poor’s, Thomson Reuters I/B/E/S and Bureau of Economic Analysis.Page 5 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Forward Revenues, Earnings, & MarginsFigure 6.13001250130018S&P 500 REVENUES PER SHARE(consensus analysts estimates in dollars, weekly, ratio sensus ForecastsAnnual Revenues10001000Forward 12012201320142015201620172018175S&P 500 OPERATING EARNINGS PER SHARE(consensus analysts estimates in dollars, weekly, ratio scale)17181507/6125125100100Consensus Forecasts7575Annual EarningsForward 4S&P 500 PROFIT MARGIN201517(using analysts average earnings and sales forecasts, percent)20162017201812187/61111101099Consensus Forecasts88Annual MarginsForward Margins* 13201420152016201762018* Time-weighted average of the consensus estimates for current and next year.Source: Thomson Reuters I/B/E/S and Standard & Poor’s.Page 6 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
S&P 500/400/600 Forward Earnings & MarginsFigure 7.150130S&P 500/400/600 FORWARD EARNINGS1507/6130(dollars per share, ratio scale)1101109090707050503030Forward Earnings*S&P 500 LargeCap (139.59)S&P 400 MidCap (97.14)S&P 600 SmallCap 18* Time-weighted average of consensus estimates for current year and next year.Source: Thomson Reuters I/B/E/S.Figure 8.1212S&P FORWARD PROFIT MARGINS*(using analysts average earnings and sales forecasts, percent)7/61111101099S&P 500 (11.0)S&P 400 (6.8)S&P 600 120122013201420152016201732018* Time-weighted average of the consensus estimates for current and next year.Source: Thomson Reuters I/B/E/S and Standard & Poor’s.Page 7 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Blue AngelsFigure 9.260024002600S&P 500, FORWARD EARNINGS, and VALUATIONx18(weekly)2400x17Blue Angels: S&P 500x16Actual 07/14/17Implied* 018* Implied price index calculated using forward earnings times forward P/Es. Weekly data start January 2007.Source: Standard & Poor’s and Thomson Reuters I/B/E/S.Figure 10.500500ALL COUNTRY WORLD EX-US MSCI, FORWARD EARNINGS, & VALUATIONAll Country World Ex-US MSCI Index(In local currencies)07/14/17Blue Angels Implied Price 20112012201320142015201620171002018* Implied price index calculated using forward earnings times forward P/Es. Monthly through December 2005, weekly thereafter.Source: Morgan Stanley Capital International and Thomson Reuters I/B/E/S.Page 8 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
ValuationFigure 11.282628FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES*(daily)262424S&P 500 LargeCap (17.6)S&P 400 MidCap (18.2)S&P 600 SmallCap 201120122013201420152016201762018* Daily stock price index divided by 52-week forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S and Standard & Poor’s.Figure 12.2525MSCI FORWARD P/E(weekly)Capped at 20Forward P/E*Emerging Markets (12.1)EMU (14.3)Japan (14.2)UK (14.4)US 010201120122013201420152016201752018* Price divided by 12-month forward consensus expected operating earnings per share.Source: Thomson Reuters I/B/E/S.Page 9 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
S&P 500 Sectors Forward P/EsFigure 13.2018S&P 50026INDUSTRIALS(forward P/E)7/6P/E 2131415161718CONSUMER ON 1213141516CONSUMER 1718ENERGY06070809101112131415161718REAL ELECOMMUNICATION SERVICES(14.0)16187/61612147/61012Includes Real Estatethrough September 22018161412108806070809101112131415161718HEALTH ce: Thomson Reuters I/B/E/S and Standard & Poor’s.Page 10 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
S&P 500 Sectors Price IndexesFigure 14.750700CONSUMER 754504254007/14650600S&P 500 sectorprice IIIII2015IVIIIIII2016IVI600CONSUMER ON III2017IV225FINANCIALSTELECOMMUNICATION 1000950300HEALTH 15200IVIIIIII2016IVIIIIII2017IVSource: Standard & Poor’s and Haver Analytics.Page 11 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
S&P 500 Sectors Forward EarningsFigure 15.160140120S&P 5001718(forward earnings*)INDUSTRIALS7/61718377/63125100Annual consensusestimatesForward earnings801960534113060708091011121314CONSUMER TION 70809101112131415CONSUMER 131415161718ENERGY060708091011121314REAL OMMUNICATIONS SERVICES321718177/61617181815137/611209Includes Real Estatethrough September 2016868567060708091011121314HEALTH 121314151617180607080910111213141516171118* Time-weighted average (in blue) of consensus operating earnings estimates for current and next year (in red).Source: Thomson Reuters I/B/E/S.Page 12 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Equity FlowsFigure 16.30002400S&P 500 DIVIDENDS & BUYBACKSyardeni.com(billion dollars, annualized)JunBuybacks180030002400S&P 500 &P 500 FORWARD EARNINGS YIELD & CORPORATE BOND YIELD12(percent)S&P 500 Forward Earnings Yield* (5.8)Investment Grade Corporate Bond Yield** 20172018* Forward earnings (time-weighted average of consensus operating earnings estimates for current and next year) divided by S&P 500 index.** BoA Merrill Lynch data for AA-AAA yields.Source: Thomson Reuters I/B/E/S, Federal Reserve Board, and Standard & Poor’s.Figure 17.350350EQUITY ETFs*May(yearly net inflows, billion 1420152016201702018* Net share issuance by equity ETFs.Source: Investment Company Institute.Page 13 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Dollar & CommoditiesFigure 18.80700INDUSTRIALS COMMODITY PRICE INDEX & TRADE-WEIGHTED DOLLAR8560090CRB Raw IndustrialsSpot Price Index*(1967 100)951007/13JP Morgan NominalBroad Effective Exchange Rate**(inverted 9* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: Commodity Research Bureau and JP Morgan.Figure 19.85160BRENT CRUDE OIL PRICE & TRADE-WEIGHTED t Crude Oil Futures Price*(dollars per barrel)12050JP Morgan NominalBroad Effective Exchange Rate**(inverted 82009201020112012201320142015201620172018* Nearby futures price.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: JP Morgan and Haver Analytics.Page 14 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Stocks & CommoditiesFigure 20.2002600S&P 500 INDEX & YRI WEEKLY LEADING INDEX7/142400180S&P 500 Index7/12200YRI Weekly Leading 1020112012201320142015201620176002018* Average of Consumer Comfort Index (which is a four-week average) and the four-week average of Boom-Bust Barometer, which is CRB raw industrialsspot price index (weekly average) divided by weekly initial unemployment claims.Source: Bloomberg, Commodity Research Bureau, Bureau of Labor Statistics, and Standard & Poor’s.Figure 21.7001500EMERGING MARKETS MSCI STOCK PRICE INDEX (in dollars)& INDUSTRIALS COMMODITY PRICE INDEX(daily)Emerging MarketsMSCI Stock Price Index(in dollars)6007/141000CRB Raw IndustrialsSpot Price 04050607080910111213141516171819020* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Morgan Stanley Capital International and Commodity Research Bureau.Page 15 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
Big PictureFigure 22.100100CONSUMER PRICE INDEX*: Cold War(1948-2016)80202020191919191919War of 1812(1812-1814)CPI**281808988878685848World War I(1914-1919)60World War II(1939-1945)60Civil 01900199018801870186018501840183018201810180018* Base index from 1800 to 1947 is 1967 100.** 1982-84 100.Source: Census Bureau, Historical Statistics of the United StatesFigure 23.5211AGE WAVE & INFLATION105094884674464254403Age Wave*382Inflation Trend**3634Junyardeni.com1060 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20* Percent of labor force 16-34 years old.** Five-year moving average of yearly percent change in CPI.Source: Bureau of Labor Statistics.Page 16 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
US Economic IndicatorsFigure 24.5.95.8YRI EARNED INCOME PROXY& RETAIL SALES EXCLUDING GASOLINE5.7(trillion dollars, saar)5.4Jun5.35.25.15.65.55.0YRI Earned Income Proxy* (5.8)4.95.44.85.3Retail Sales ex Gasoline 020112012201320142015201620173.63.52018* Aggregate weekly hours times average hourly earnings of total private industries times 52.Source: Bureau of Labor Statistics and Bureau of the Census.Figure 25.120110COINCIDENT ECONOMIC INDICATORS: RECOVERIES & EXPANSIONS*120May(2010 100, sa, ratio scale)11010010068 Months1/08-10/1333 Months2/01-11/039090808070yardeni.com23 Months7/90-6/926025 Months8/81-9/835070605019 Months10/69-5/714032 Months11/73-7/764030 Months5/71-11/7361 Months7/76-8/8182 Months9/83-7/90104 Months6/92-2/0150 9597990103050709111315171921* Red horizontal lines span cyclical peaks through subsequent cyclical recoveries. Green horizontal lines are expansion periods following recoveries.Source: Conference Board, Haver Analytics, and YRI calculations.Page 17 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
US Economic IndicatorsFigure 26.140140REAL CONSUMER INCOME & SPENDING PER HOUSEHOLD*(thousand 2009 dollars, saar)2016120120Real Income & Spending per Household*Personal Income (122.1)Personal Consumption Expenditures (97.4)Disposable Personal Income (107.1)Money Income** 0828486889092949698000204060810121416184020* All series deflated using Personal Consumption Expenditures Deflator.** Mean household income.Source: Bureau of Economic Analysis, Bureau of the Census and Current Population Reports.Figure 27.15014013012011010090807060MANUFACTURING PRODUCTION & CAPACITY(2012 100, ratio 048 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20Note: C China joined WTO on December 11, 2001. Shaded areas denote recessions according to the National Bureau of Economic Research.Source: Federal Reserve Board.Page 18 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
ChinaFigure 28.2525CHINA: INDUSTRIAL PRODUCTION & PRODUCER PRICE INDEX(yearly percent change)202015151010Jun5500Industrial Production* (6.5)PPI: TotalIndustrial Products 101112131415161718* Value added basis.Source: IMF International Financial Statistics and China National Bureau of Statistics.Figure 29.55.5CHINA: NON-GOLD INTERNATIONAL RESERVES & YUAN6.04Non-Gold International Reserves(trillion dollars, nsa) (3.1)6.5Jun3Yuan/US (inverted scale) 07080910111213141516178.518Source: International Monetary Fund and Haver Analytics.Page 19 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
ChinaFigure 30.700600500700CHINA: IMPLIED INTERNATIONAL CAPITAL FLOWS*600(billion 516171819* 12-month change in non-gold international reserves minus 12-month sum of the merchandise trade surplus (deficit).Source: China Customs and Haver Analytics.Figure 31.2525BANK LOANS & MONEY SUPPLYJun(trillion US dollars)2020JunChina: Bank Loans (nsa) (16.8)US: Bank Loans (sa) (9.3)China: M2 20172018Source: Federal Reserve Board and People’s Bank of China.Page 20 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
EurozoneFigure 32.120120EUROZONE: INDUSTRIAL PRODUCTIONEXCLUDING CONSTRUCTION110110100100909080706080Eurozone (May 102.5)Germany (May 115.6)France (May 92.9)Italy (May 84.3)Spain (May 1320142015201620172018Source: Haver Analytics.Figure 33.1414EUROZONE: CPI, M2, & LOANS AT MFIs*(yearly percent change)12121010CPI (Jun 1.3)M2 (May 5.1)MFI Loans toTotal Private Sector (May 0082009201020112012201320142015201620172018* Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs).Source: Statistical Office of the European Communities.Page 21 / July 16, 2017 / Strategist’s HandbookYardeni Research, Inc.www.yardeni.com
A Dog’s Purpose ( ) is a movie for dog lovers. Our family includes a Cocker Spaniel and two Cavalier KingCharles Spaniels. So my wife and I really enjoyed the film very much. It confirms the age-old adage that if you want atrue friend for life, get a dog. President Harry Truman reportedly said that about Washington, though there is no proofthat he ever did say so. Nevertheless, it applies to Washington more than ever. Maybe if all our red and bluepoliticians got dogs, they finally would have something in common. After all, there are no red dogs or blue dogs.Bitter Harvest (- -) is a badly executed movie about a very important tragic historical event that has received all toolittle attention and is particularly relevant today. Millions of Ukrainians died during a 1932-33 famine that wasexacerbated by the collectivist policies of Stalin’s Soviet regime. Ukraine has a long history of suffering fromimperialist intervention by its Russian neighbor. Ukraine gained its independence from the Soviet Union in 1991. YetRussia under Putin annexed the Crimean Peninsula in 2014 and has been using military force in eastern Ukraine.History continues to rhyme.Fences ( ) is about a working-class African-American man struggling to support his family in the 1950s. He missedout on becoming a great baseball star, and works in Pittsburgh’s sanitation department. He talks a good game abouthow much he loves his wife and provides for her and their son. However, he cuts some corners along the way. Likethe rest of us, he is only human. The movie, which features Oscar-nominated performances by Denzel Washingtonand Viola Davis, is based on a play, and has that feel. It is somewhat reminiscent of “Death of a Salesman” and “AView from the Bridge.”Hidden Figures ( ) is a film based on a true story about three remarkable African-American women who worked atNASA at the start of the space program during the early 1960s. One of them was an extraordinary mathematician,who made John Glenn’s orbit around the earth possible. Another supervised the space agency’s use of its first IBMmainframe computer. The third was an accomplished aeronautical engineer. They performed their jobs with amazingtenacity and dignity despite lots of obstacles they faced because of their color. It is truly a great American story.Lion ( ) is a really wonderful movie about five-year-old Saroo, an Indian boy who falls asleep on an empty trainthat finally stops in Calcutta, more than a thousand miles from his home. He is lost in this big city and struggles tosurvive. He is eventually adopted by an Australian couple. However, he continues to feel lost and 25 years later seeksto find his home and family with the help of Google Earth. It is all based on a remarkable true story.Moonlight (- -) is an Oscar contender for Best Motion Picture. I’m not sure why. It is a very slow-paced movie about asensitive African-American kid doing the best he can to stay out of trouble while growing up in a poor neighborhoodinfested with drug dealers. Even his mother is an addict. He finds a safe haven with a very nice fellow and hisgirlfriend, but leaves when he finds out
Jul 16, 2017 · to a rich library of research reports, such as our Strategist’s and Analyst’s Handbooks, as well as a vast bank of user-friendly information tools, such as chart books on key economic and financial indicators featuring useful data comparisons and propr
