• Germany created the first Social Security system in the late 1800s, with a retirement age of 65, when life expectancy was about 43, so few people collected. Today, the U.S. still uses roughly the same retirement age, but with life expectancy near 80, and about 90% of workers draw benefits. 1

• The Iran conflict has some investors worried about stagflation, but during the last U.S. episode (1973–1982), small-cap stocks and US housing were the best-performing assets — outpacing inflation by about 5.9% and 5.5% annually. *2

• U.S. public markets have shrunk, with listed companies down ~36% since 2000, while private-equity-backed firms have risen around 475%, resulting in roughly 25% of all $1B+ companies being privately held. 3

• Housing affordability has deteriorated, with inflation-adjusted home prices about 45% higher than in the 1970s. Baby boomers now make up 42% of buyers, up from 29% for millennials, reinforcing wealth concentration among older generations. 4&5

1. Bloomberg – “When the Best Retirement Is No Retirement at All”
2. MarketWatch – “History Says These 2 Overlooked Asset Classes Are the Only Real Shield Against 1970s-Style Stagflation”
3. Barron’s – “Earnings Reports Every Quarter? The Pros and Cons From Wall Street Insiders”
4. Bloomberg – “Gen Z Is Full of Financial Angst. Listen to Them.”
5. National Association of Realtors – “Baby Boomers Regain Top Spot as Largest Share of Home Buyers”

*Past performance is not indicative of future performance

Economic Calendar

Monday:

Chicago Fed President Austan Goolsbee TV appearance, Federal Reserve Governor Stephen Miran TV appearance, Construction Spending (Jan, delayed)

Tuesday:

U.S. Productivity Revision (Q4), S&P Flash Services PMI (Mar), S&P Flash Manufacturing PMI (Mar), Federal Reserve Governor Michael Barr speaks

Wednesday:

Import Price Index (Feb), Import Price Index ex-Fuel (Feb), Federal Reserve Governor Stephen Miran speaks

Thursday:

Initial Jobless Claims (week of Mar 21), Federal Reserve Governor Lisa Cook speaks, Federal Reserve Governor Stephen Miran speaks, Federal Reserve Vice Chair Philip Jefferson speaks, Federal Reserve Governor Michael Barr speaks

Friday:

Consumer Sentiment Final (Mar)

Upcoming Earnings Calls

Monday - KT, ABVX, CNTA, TE, WRD

Tuesday - GME, CNM, SFD, CMCM, AIR

Wednesday - PDD, CTAS, PAYX, KRMN, JBS

Thursday - AEG, CMC, AGX, TGS, DOO

Friday - CCL, CUK, AXIA, LGN, XXI

Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.

Glen Eagle Wealth, LLC is a member FINRA and SIPC

This desk commentary is for informational purposes only

Carol Ann Fernandez

Rob Michel

Grier Vacek

Glen Eagle Wealth, LLC

4422C Route 27

PO Box 399

Kingston, NJ 08528

(609) 631-8231