Credit Spreads Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6916 – up 1% from 6875 two weeks ago - all time highs VIX  at 15 – up 7% from 14 two weeks ago 10yr Treasury  yielding 4.19% (up 1% from 4.15% two weeks ago) Agg  (US Aggregate Bond Index) at 100.03 – flat from 99.76 two weeks ago Gold  at 4465  p er oz (flat from 4472 two weeks ago) Crude Oil  (WTI) at 58 per barrel (flat from 58 two weeks ago) Bitcoin  at 94k (up 5% from 89k two

Year of No Fear Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6875 – flat from 6859 two weeks ago - up 16% YTD - hitting all time highs VIX  at 14 – down 18% from 17 two weeks ago - no volatility = no risk = no fear 10yr Treasury  yielding 4.15% (flat from 4.14% two weeks ago) Agg  (US Aggregate Bond Index) at 99.76 – flat from 99.75 two weeks ago Gold  at 4472  p er oz (up 6% from 4221 two weeks ago) - up 72% YTD - all time high Crude Oil

Concentration Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6859 – up 2% from 6697 two weeks ago VIX  at 17 – down 20% from 21 two weeks ago 10yr Treasury  yielding 4.14% (up 2% from 4.05% two weeks ago) Agg  (US Aggregate Bond Index) at 99.75 – down 1% from 100.54 two weeks ago Gold  at 4221  p er oz (up 3% from 4096 two weeks ago) Crude Oil  (WTI) at 59 per barrel (up 2% from 58 two weeks ago) Bitcoin  at 90k (up 3% from 87k two weeks ago

Risk Spectrum Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6697 – down 2% from 6796 two weeks ago VIX  at 21 – up 11% from 19 two weeks ago 10yr Treasury  yielding 4.05% (down 1% from 4.09% two weeks ago) Agg  (US Aggregate Bond Index) at 100.54 – flat from 100.18 two weeks ago Gold  at 4096  p er oz (flat from 4103 two weeks ago) Crude Oil  (WTI) at 58 per barrel (down 3% from 60 two weeks ago) Bitcoin  at 87k (down 17% from 105k two week

Bubble Magic Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6796 – down 1% from 6875 two weeks ago VIX  at 19 – up 19% from 16 two weeks ago 10yr Treasury  yielding 4.09% (up 2% from 4.00% two weeks ago) Agg  (US Aggregate Bond Index) at 100.18 – down 1% from 101.21 two weeks ago Gold  at 4103  p er oz (up 3% from 4005 two weeks ago) Crude Oil  (WTI) at 60 per barrel (down 3% from 61 two weeks ago) Bitcoin  at 105k (down 8% from 114k two wee

Cycles Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6875 – up 3% from 6658 two weeks ago - all-time highs VIX  at 16 – down 16% from 19 two weeks ago 10yr Treasury  yielding 4.00% (down 1% from 4.05% two weeks ago) Agg  (US Aggregate Bond Index) at 101.21 – up 1% from 100.46 two weeks ago Gold  at 4005  p er oz (up 1% from 3976 two weeks ago) Crude Oil  (WTI) at 61 per barrel (up 4% from 59 two weeks ago) Bitcoin  at 114k (down 1% from 115

What Bubble Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6658 – flat from 6661 two weeks ago VIX  at 19 – up 27% from 15 two weeks ago 10yr Treasury  yielding 4.05% (down 3% from 4.19% two weeks ago) Agg  (US Aggregate Bond Index) at 100.46 – flat from 100.26 two weeks ago Gold  at 3976  p er oz (up 3% from 3857 two weeks ago) - crossed 4,000 Crude Oil  (WTI) at 59 per barrel (down 6% from 63 two weeks ago) Bitcoin  at 115k (up 1% from 114

Shut Down Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6661 – up 1% from 6617 two weeks ago VIX  at...

Hurricane Season Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6617 – up 2% from 6460 two weeks ago -...

Inflation Nation Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6460 – flat from 6448 two weeks ago...

Moment of Truth Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6448 – up 2% from 6307 two weeks ago...

Lies, Damn Lies, and Statistics Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6307 – flat from 6332...

Up and to the Right Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6332 – up 1% from 6250 two weeks...

Bifurcated Reality Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6250 – up 5% from 5973 two weeks ago...

Bombs Away Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 5973 – down 1% from 6001 two weeks ago VIX...

Keep Calm and Trade On Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 6001 – up 2% from 5889 two weeks...

Bonds Away Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 5889 – up 2% from 5794 two weeks ago VIX  at...

Art of the Deal Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 5794 – up 5% from 5529 two weeks ago...

Angel's Advocate Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 5529 – up 2% from 5405 two weeks ago...

The 'Wreckoning' Drulard Family Capital Fund Fortnightly Macro View JD Straight Up :   S&P 500  at 5406 – down 4% from 5612 two weeks ago...