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Is the early cycle phase over? No, but headwinds are mounting. Begin to allocate to digital assets as an alternative portfolio hedge. Continue to tilt towards cyclicals & value stocks, fade bonds, and hedge inflation risk. Key Takeaways for Astoria’s Q2 Investment Committee Outlook Avoid bonds like the plague We stick with the pro-cyclical tilt we have had since June 2020 but acknowledge headwinds that are starting to appear (higher taxes, rate hikes) Rate hikes are on the h

Is the early cycle phase over? No, but headwinds are mounting. Begin to allocate to digital assets as an alternative portfolio hedge. Continue to tilt towards cyclicals & value stocks, fade bonds, and hedge inflation risk. Key Takeaways for Astoria’s Q2 Investment Committee Outlook Avoid bonds like the plague We stick with the pro-cyclical tilt we have had since June 2020 but acknowledge headwinds that are starting to appear (higher taxes, rate hikes) Rate hikes are on the h