Message: Re: Volatile Markets, Scott Borgerson (EFTA00239159)

Message From: Scott Borgerson Sent: 10/12/20181:30:14 PM To: CC: Subject: Re: Volatile Markets Thanks for the note Lyle and Scott and hello from California, the land of fruits and nuts. Keep calm and carry on. Let us know if you have an idea for our planned portfolio distribution over time if there is a particular opportunity, e.g. when we legged into MLP's. Otherwise, we're cool. sgb Sent from iCloud On Oct 11, 2018, at 09:16 PM, Scott/Ghislaine, wrote: We are reaching out to let you know we are monitoring data and comments from a variety of sources on the dramatic sell off in equities. We have attached our CIO's responses and commentary here. Below are the basic take-aways: • The movement in interest rates is certainly getting most of the attention for the correction. There is a strong case for this argument as bonds become more attractive relative to stocks as well as the fact that the cost of capital for market participants increases as interest rates incre