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		<loc>https://jzechner.com/u-s-economy-last-brick-in-the-wall-to-fall-in-2015/</loc>
		<lastmod>2015-01-06T19:36:19+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-december-2014/</loc>
		<lastmod>2015-01-14T16:32:40+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/john-zechner-appears-on-bnn-go-january-19-2015/</loc>
		<lastmod>2015-01-20T16:54:03+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/central-bankers-in-europe-canada-pull-out-all-the-stops/</loc>
		<lastmod>2015-02-02T21:19:37+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-december-2014/</loc>
		<lastmod>2015-02-10T17:38:41+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-january-2015/</loc>
		<lastmod>2015-02-11T16:56:51+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/no-worries-for-investors-as-stocks-rebound-in-february/</loc>
		<lastmod>2015-03-03T14:33:11+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-february-2015/</loc>
		<lastmod>2015-03-10T20:22:54+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/global-beggar-thy-neighbour-policies-reminiscent-of-1930s/</loc>
		<lastmod>2015-04-02T18:05:47+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-march-2015/</loc>
		<lastmod>2015-04-06T19:02:40+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/15-years-later-technology-stocks-recapture-bubble-highs-while-a-new-bubble-inflates-in-china/</loc>
		<lastmod>2015-04-28T13:04:50+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-april-2015/</loc>
		<lastmod>2015-05-07T14:41:28+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bad-news-is-good-news-again/</loc>
		<lastmod>2015-05-29T20:19:30+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-may-2015/</loc>
		<lastmod>2015-06-03T19:46:10+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/meet-the-simple-math-of-financial-engineering/</loc>
		<lastmod>2015-07-02T17:35:25+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-june-2015/</loc>
		<lastmod>2015-07-06T16:35:38+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/earnings-outlook-highlight-global-growth-problems/</loc>
		<lastmod>2015-07-30T19:21:22+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-july-2015/</loc>
		<lastmod>2015-08-07T15:00:10+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/currency-crises-exposes-interest-rate-charade-stocks-plummet/</loc>
		<lastmod>2015-09-02T18:30:22+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-aug-2015/</loc>
		<lastmod>2015-09-09T18:22:51+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/emerging-markets-banking-debt-bomb-set-to-explode/</loc>
		<lastmod>2015-09-29T15:32:21+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-september-2015/</loc>
		<lastmod>2015-10-05T17:13:55+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/central-banks-revert-to-old-bag-of-tricks-and-stocks-rally/</loc>
		<lastmod>2015-11-02T17:33:06+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/time-to-question-the-effectiveness-of-zirp/</loc>
		<lastmod>2015-12-07T20:29:38+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-november-2015/</loc>
		<lastmod>2015-12-07T21:03:14+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-october-2015/</loc>
		<lastmod>2015-12-07T21:08:53+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/investment-market-bubbles-arise-from-misallocation-of-capital/</loc>
		<lastmod>2016-01-04T19:34:23+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-december-2015/</loc>
		<lastmod>2016-01-08T16:37:40+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/oil-price-collapse-global-markets-off-to-shaky-start-in-2016/</loc>
		<lastmod>2016-02-02T18:54:10+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/path-of-least-resistance-for-stocks-looks-to-be-higher/</loc>
		<lastmod>2016-02-29T19:10:22+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-jan-16/</loc>
		<lastmod>2016-03-09T21:19:54+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-feb-16/</loc>
		<lastmod>2016-03-09T21:25:14+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/q1-earnings-outlook-where-the-rubber-meets-the-road/</loc>
		<lastmod>2016-03-31T18:56:17+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-march-2016/</loc>
		<lastmod>2016-04-14T15:37:53+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/the-conspiracy-theory-behind-the-u-s-federal-reserve-and-china/</loc>
		<lastmod>2016-05-02T20:58:50+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-april-2016/</loc>
		<lastmod>2016-05-09T17:59:02+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-q1-2016/</loc>
		<lastmod>2016-05-09T17:59:18+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-shares-commentary-april-2016/</loc>
		<lastmod>2016-05-09T18:00:59+00:00</lastmod>
	</url>
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		<loc>https://jzechner.com/volatile-oil-markets-still-calling-the-shots-on-stocks/</loc>
		<lastmod>2016-06-05T01:37:21+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-may-16/</loc>
		<lastmod>2016-06-13T23:09:27+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-shares-commentary-may-16/</loc>
		<lastmod>2016-06-13T23:13:21+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/brexit-yellen-trump-stock-market-not-about-stocks-lately/</loc>
		<lastmod>2016-07-05T15:31:56+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-june-16/</loc>
		<lastmod>2016-07-08T19:29:22+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-share-commentary-june-16/</loc>
		<lastmod>2016-07-08T19:29:34+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-q2-2016/</loc>
		<lastmod>2016-07-27T19:27:53+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-july-16/</loc>
		<lastmod>2016-08-04T14:53:11+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/back-to-basics-earnings-in-focus/</loc>
		<lastmod>2016-08-04T15:33:27+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/dont-look-a-gift-stock-market-in-the-mouth/</loc>
		<lastmod>2016-08-29T19:41:08+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-august-16/</loc>
		<lastmod>2016-09-08T21:57:11+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-shares-commentary-aug-16/</loc>
		<lastmod>2016-09-15T21:10:18+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-sept-16/</loc>
		<lastmod>2016-10-07T21:27:05+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-share-commentary-sept-16/</loc>
		<lastmod>2016-10-07T21:27:52+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/time-to-trash-the-negative-interest-rate-experiment/</loc>
		<lastmod>2016-10-11T04:00:38+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/earnings-finally-take-centre-stage-briefly/</loc>
		<lastmod>2016-11-01T21:15:25+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-q3-2016/</loc>
		<lastmod>2016-11-08T19:39:58+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/stock-investors-jumping-on-the-trump-bandwagon/</loc>
		<lastmod>2016-11-30T15:09:25+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/11/Nov16-1.png</image:loc>
			<image:caption><![CDATA[Trump plans accelerate U.S. debt]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/11/Nov16-2.png</image:loc>
			<image:caption><![CDATA[Rising prices in China; signs of global inflation?]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/11/Nov16-3.png</image:loc>
			<image:caption><![CDATA[Tech valuation back to record highs]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/11/Nov16-4.png</image:loc>
			<image:caption><![CDATA[Canadians' appetite for debt &amp; financial risk ]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-nov-16/</loc>
		<lastmod>2017-02-15T22:52:41+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/12/Nov16b-1.png</image:loc>
			<image:caption><![CDATA[Canada vs US 10-year Yields]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/trump-rally-faces-headwinds-2017/</loc>
		<lastmod>2017-02-15T22:52:57+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-share-commentary-jan-17/</loc>
		<lastmod>2017-02-15T22:53:54+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Jan17ps-1-e1486491067991.png</image:loc>
			<image:caption><![CDATA[Preferred Share Performance | January 2017]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/government-debt-is-still-the-elephant-in-the-room/</loc>
		<lastmod>2017-02-15T22:54:07+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Jan17-1.png</image:loc>
			<image:caption><![CDATA[Federal Debt: Reagan vs Trump eras]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Jan17-2.png</image:loc>
			<image:caption><![CDATA[Draining China's Foreign Reserves]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Jan17-3.png</image:loc>
			<image:caption><![CDATA[Global PMIs showing optimism]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Jan17-4.png</image:loc>
			<image:caption><![CDATA[Will Global Stocks Start to Catch Up?]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-share-commentary-dec-16/</loc>
		<lastmod>2017-02-15T22:54:15+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/01/Dec16ps-1.png</image:loc>
			<image:caption><![CDATA[Preferred Share Performance | December 2016]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/01/Dec16ps-2.png</image:loc>
			<image:caption><![CDATA[5yr Canadian Bond Yields]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-dec-16/</loc>
		<lastmod>2017-02-15T22:54:23+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/01/Dec16b-1.png</image:loc>
			<image:caption><![CDATA[Labour Force Participation (Canada)]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/preferred-share-commentary-nov-16/</loc>
		<lastmod>2017-02-15T22:55:54+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/12/Nov16pf-1.png</image:loc>
			<image:caption><![CDATA[Preferred Share Performance in November 2016]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2016/12/Nov16pf-2.png</image:loc>
			<image:caption><![CDATA[Preferred Share Table - November 2016]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentray-q4-2016/</loc>
		<lastmod>2017-02-15T23:00:23+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Q4-17-1_SEq-e1486497227810.png</image:loc>
			<image:caption><![CDATA[Q4 2016 Special Equity Fund Sector Allocation]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/02/Q4-16-2_SEq-e1486497337282.png</image:loc>
			<image:caption><![CDATA[World Economy: All Systems Go]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-march-2017/</loc>
		<lastmod>2017-04-07T12:41:50+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/investors-continue-wear-rose-coloured-glasses/</loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/04/Market-Performance-March-2017.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/04/Stops-at-Top-End.jpg</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/04/Investors-Load-Up.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/04/Faling-Retail-Spending.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stocks-rally-earnings-lots-cracks-armour/</loc>
		<lastmod>2017-05-05T15:58:31+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/North-American-Sector-Performances-as-of-April28-2017-1.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/North-American-Sector-Performances-as-of-April28-2017.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Trump-Bump-Losing-its-Mojo.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Loan-Growth-Not-Supporting-View-of-Buoyant-Economy.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/By-All-Measures-Stocks-at-Top-End-of-Historical-Valuation.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Canaidans-New-Kings-Of-Household-Debt.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bonds-beak-trading-range-april/</loc>
		<lastmod>2017-05-10T18:29:46+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/10-Year-Government-Bonds.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Spreads.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stock-investors-no-fear/</loc>
		<lastmod>2017-06-01T19:59:56+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Stock-Volatility.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Time-for-Worlds.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Canadas-Financial-Risk.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/U.S-Shale-Production.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Johns-Signature.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/may-bond-commentary/</loc>
		<lastmod>2017-06-14T18:49:37+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/2017-06-14_14-28-18.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Canada-Participation-rate.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/teflon-stock-market-driven-investors-focus-silver-linings/</loc>
		<lastmod>2017-06-28T14:11:42+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Stock-Valatility-June.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Stock-Valuation-June.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Economic-Suprises-June.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Trum-Risk-June.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Starting-the-Long-Road-June.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/06/Johns-Signature.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/canadian-corporate-spreads-extend-best-streak-decade/</loc>
		<lastmod>2017-06-28T18:42:45+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/central-banks-worldwide-shifted-hawkish-stance/</loc>
		<lastmod>2017-07-12T15:02:18+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/07/10-Year-Bonds.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/07/Canada-and-U.S.-Yield-Curve.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/07/10-Year-Bonds.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/beware-stock-market-ceo-heroes/</loc>
		<lastmod>2017-08-02T19:11:24+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/JZ_July17_1.png</image:loc>
			<image:caption><![CDATA[Surprise Index looming]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/JZ_July17_1.png</image:loc>
			<image:caption><![CDATA[Surprise Index looming]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/july-2017-bond-commentary/</loc>
		<lastmod>2017-08-03T16:01:15+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/Canadian-Exchange-Rate.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/Year-of-30-year.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/first-quarter-2017-felt-little-like-hurry-wait/</loc>
		<lastmod>2017-08-21T02:25:56+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Small-Cap-Returns.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Portfolio-Composition.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/05/Sector-Weights.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/washington-vs-wall-street/</loc>
		<lastmod>2017-08-29T16:00:52+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/JZaug17_cartoon.png</image:loc>
			<image:caption><![CDATA[whistling past the graveyard]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/JZaug17_1.png</image:loc>
			<image:caption><![CDATA[Magazine covers: inverse correlation?]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/JZaug17_2.png</image:loc>
			<image:caption><![CDATA[Weak loan growth]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/08/JZaug17_3.png</image:loc>
			<image:caption><![CDATA[Energy hitting underperformance lows]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-q2-2017/</loc>
		<lastmod>2017-09-21T14:08:35+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/09/SpecialEquity_Q2-17_2.png</image:loc>
			<image:caption><![CDATA[North American Energy: Low Price to Book Value]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/09/SpecialEquity_Q2-17_3.png</image:loc>
			<image:caption><![CDATA[TSX subsectors during rate-rise cycles]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/09/SpecialEquity_Q2-17_portfolio-comp-pie.png</image:loc>
			<image:caption><![CDATA[Special Equity Pooled Fund: Portfolio Composition Q2 2017]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-august-2017/</loc>
		<lastmod>2017-09-21T14:40:30+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/09/Bond-August-1.png</image:loc>
			<image:caption><![CDATA[10 Year Treasuries ]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-september-2017/</loc>
		<lastmod>2017-10-13T19:02:41+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/10/Bond-September-1.jpg</image:loc>
			<image:caption><![CDATA[10 Year Treasuries]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/canadian-stocks-bounced-back/</loc>
		<lastmod>2017-10-13T19:19:30+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/10/Zechner-September-1.jpg</image:loc>
			<image:caption><![CDATA[Market Performance]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/10/Zechner-September-2.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-october-2017/</loc>
		<lastmod>2017-11-07T16:24:10+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/watching-bitcoin-market-optimism-gone-far/</loc>
		<lastmod>2017-12-15T20:39:02+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/12/Zechner-November-chart.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-november-2017/</loc>
		<lastmod>2017-12-20T20:42:21+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/30-year-anniversary-october-19th-stock-market-crash/</loc>
		<lastmod>2018-01-01T17:01:44+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/11/JZ-October-Chart-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/11/JZ-October-Chart-2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/11/JZ-October-Chart-3.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/11/JZ-October-Chart-4.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2017/11/JZ-October-Chart-5.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bull-leave-legs-keep-stocks-rising-2018/</loc>
		<lastmod>2018-01-01T19:32:11+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/01/JZ_Dec17_1.jpg</image:loc>
			<image:caption><![CDATA[Passive vs Active Fund Flows]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/public-investors-current-rally/</loc>
		<lastmod>2018-01-24T18:06:35+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/01/JZ_Jan18_1.png</image:loc>
			<image:caption><![CDATA[Resurgent Global Growth Powering Stock Market]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/01/JZ_Jan18_2.png</image:loc>
			<image:caption><![CDATA[Commodities Resisting Recession]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/01/JZ_Jan18_3.png</image:loc>
			<image:caption><![CDATA[Public Not Holding Onto Cash]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/01/JZ_Jan18_4.png</image:loc>
			<image:caption><![CDATA[Canadians Leaders in Household Debt]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-january-2018/</loc>
		<lastmod>2018-02-15T15:54:19+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/02/January-2018-Bond-Chart-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/02/January-2018-Bond-Chart-2.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/shot-across-bow-markets-drop-february-5th/</loc>
		<lastmod>2018-02-27T22:25:06+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/02/JZ_Feb18_1.jpg</image:loc>
			<image:caption><![CDATA[Shortest market correction]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/02/JZ_Feb18_2.png</image:loc>
			<image:caption><![CDATA[Late stage economic growth]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/02/JZ_Feb18_3.png</image:loc>
			<image:caption><![CDATA[Public holding low cash]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-february-2018/</loc>
		<lastmod>2018-03-12T20:02:41+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/03/February-2018-Bond-Chart.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/looming-trade-wars-rain-global-growth-parade/</loc>
		<lastmod>2018-03-27T20:38:48+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/03/JZ_Mar18_1.png</image:loc>
			<image:caption><![CDATA[Globalization past its peak]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/03/JZ_Mar18_2.png</image:loc>
			<image:caption><![CDATA[Canadian debt will drag on growth]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/03/JZ_Mar18_3.png</image:loc>
			<image:caption><![CDATA[Interest Rates Drive Exchange Rate]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-march-2018/</loc>
		<lastmod>2018-04-11T17:53:19+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/stellar-earnings-not-enough-take-stocks-higher/</loc>
		<lastmod>2018-05-01T21:11:52+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/05/JZ_Apr18_1.png</image:loc>
			<image:caption><![CDATA[Tax cuts spur profit growth... to a peak?]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/05/JZ_Apr18_2.png</image:loc>
			<image:caption><![CDATA[Yield curve + employment: late in cycle]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/05/JZ_Apr18_3.png</image:loc>
			<image:caption><![CDATA[Chinese credit growth hits a speedbump]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/05/JZ_Apr18_4.png</image:loc>
			<image:caption><![CDATA[Will regulation pop a tech bubble?]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-april-2018/</loc>
		<lastmod>2018-05-07T14:35:05+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/stock-buybacks-pushing-markets-higher/</loc>
		<lastmod>2018-05-24T18:51:59+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/05/JZ_May18_1.png</image:loc>
			<image:caption><![CDATA[Stock buyback surge]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/05/JZ_May18_2.png</image:loc>
			<image:caption><![CDATA[Oil price not enough to help TSX]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-may-2018/</loc>
		<lastmod>2018-06-12T14:16:10+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/06/Bond-May-2-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/06/Bond-May-2018-2.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/trade-wars-investors-take-note/</loc>
		<lastmod>2018-06-28T21:37:49+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/06/JZ_June18_1.png</image:loc>
			<image:caption><![CDATA[Oil Market Re-Balanced]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-june-2018/</loc>
		<lastmod>2018-07-06T15:09:58+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/cycle-past-peak-economic-growth/</loc>
		<lastmod>2018-08-01T15:23:01+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_July18_1.png</image:loc>
			<image:caption><![CDATA[Global stocks discount vs US]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_July18_2.png</image:loc>
			<image:caption><![CDATA[Collapse in Copper Prices]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_July18_3.png</image:loc>
			<image:caption><![CDATA["Follow the money" into US tech]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_July18_4.png</image:loc>
			<image:caption><![CDATA[Stock Buybacks at a peak?]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_July18_5.png</image:loc>
			<image:caption><![CDATA[Canada Housing nearing peak?]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-july-2018/</loc>
		<lastmod>2018-08-03T19:29:37+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/Bond-July-2018-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/Bond-July-2018-2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/Bond-July-2018-3.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/emerging-market-risks-not-limited-turkey/</loc>
		<lastmod>2018-08-27T20:46:10+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_Aug18_1.png</image:loc>
			<image:caption><![CDATA[IMI vs S&amp;P500: Emerging Markets Fading]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_Aug18_2.png</image:loc>
			<image:caption><![CDATA[Equity share of household assets: highest since dotcom bubble]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/08/JZ_Aug18_3.png</image:loc>
			<image:caption><![CDATA[Corporate debt rising and while grades falling]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-august-2018/</loc>
		<lastmod>2018-09-05T18:18:08+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/john-looks-downside-risks-us-bnn/</loc>
		<lastmod>2018-09-30T21:38:57+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/09/BNN_JZ_Sep28-2018.jpg</image:loc>
			<image:title><![CDATA[John Zechner on BNN | September 29, 2018]]></image:title>
			<image:caption><![CDATA[John Zechner on BNN | September 29, 2018]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/return-bubbles-ten-years-lehman/</loc>
		<lastmod>2018-09-30T21:59:45+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/09/JZ_Sep18_1.png</image:loc>
			<image:caption><![CDATA[Low interest rates fuel bubbles]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/09/JZ_Sep18_2.png</image:loc>
			<image:caption><![CDATA[US Market Capitalization : GDP ratio]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/09/JZ_Sep18_3.png</image:loc>
			<image:caption><![CDATA[PMI: global recovery has waned]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/09/JZ_Sep18_4.png</image:loc>
			<image:caption><![CDATA[Negative EPS Guidance]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-september-2018/</loc>
		<lastmod>2018-10-03T18:29:22+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/Bond-Sept-2018-Chart.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-letter-june-2018/</loc>
		<lastmod>2018-10-17T19:25:34+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/2nd-Q-Special-Chart-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-Portfolio-Uploads-Q2-2018-sectors.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-SP-Q2-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-Chart-Q2-No-More-Oil-Glut.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-Q2-2018-XGDTO.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-Chart-Q2-2018-USD.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-Chart-Q2-2018-Copper-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/10/JR-Chart-Q2-2018-Commodities.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/us-stocks-hit-wall-recovery-will-tougher/</loc>
		<lastmod>2018-11-01T15:01:10+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/JZ_Oct18_1.png</image:loc>
			<image:caption><![CDATA[Warning signs from Euro-Credit Breakdown]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/JZ_Oct18_2.png</image:loc>
			<image:caption><![CDATA[Unemployment &amp; the end of the cycle]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/JZ_Oct18_3.png</image:loc>
			<image:caption><![CDATA[Canadian oil discount]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/JZ_Oct18_4.png</image:loc>
			<image:caption><![CDATA[Canadian stock at discount to US]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-september-2018/</loc>
		<lastmod>2018-11-02T15:57:42+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/3rd-Quarter-Special-Chart-2018-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Q3-Sector-Chart-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Q3-Sector-Chart-SP-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/TSX-Smallcap-Index-Oversold.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/US-Dollar-Showing-Signs-of-Exhaustion.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Shanghai-Testing-Marjor-Uptrend.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Worries-about-rising-rates-overblown.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/CRB-Index-Consolidating-Breakout.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Light-Crude-Postioned-for-Further-Upside.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Copper-Carving-Out-Inverse-HS-Base.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/Gold-Back-to-Key-Inflection-Level.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-october-2018/</loc>
		<lastmod>2018-11-07T17:22:12+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/john-looks-energy-large-cap-valuations-bnn/</loc>
		<lastmod>2018-11-27T17:00:59+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/11/BNN_JZ_Nov27-2018.jpg</image:loc>
			<image:title><![CDATA[BNN_JZ_Nov26-2018]]></image:title>
			<image:caption><![CDATA[John Zechner on BNN's Market Call | Nov 26, 2018]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/global-growth-worries-offset-buyback-binge/</loc>
		<lastmod>2018-12-14T15:12:30+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/12/JZ_Nov18_1.png</image:loc>
			<image:caption><![CDATA[Short term volatility]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/12/JZ_Nov18_2.png</image:loc>
			<image:caption><![CDATA[Support breaks on low global PMIs]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/12/JZ_Nov18_3.png</image:loc>
			<image:caption><![CDATA[Buyback suggests market peak]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-november-2018/</loc>
		<lastmod>2018-12-14T15:15:41+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/worst-december-since-1930s/</loc>
		<lastmod>2018-12-31T18:18:02+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/12/JZ_Dec18_1.png</image:loc>
			<image:caption><![CDATA[S&amp;P500 down almost 20% off highs | Dec 2018]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/12/JZ_Dec18_2.png</image:loc>
			<image:caption><![CDATA[Financials &amp; Semiconductors topped out | Dec 2018]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2018/12/JZ_Dec18_3.png</image:loc>
			<image:caption><![CDATA[Slowing corporate profits masked by tax cuts | Dec 2018]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-december-2018/</loc>
		<lastmod>2019-01-10T19:27:48+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/Chart-1-JH-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/Chart-2-JH-Dec-2018.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stocks-recover-sustainable/</loc>
		<lastmod>2019-01-29T22:32:23+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/JZ_Jan19_1.png</image:loc>
			<image:caption><![CDATA[Consumer Confidence Looking Tired | Jan 2019]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/JZ_Jan19_2.png</image:loc>
			<image:caption><![CDATA[US, Federal Reserve balance sheet | Jan 2019]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-december-2018/</loc>
		<lastmod>2019-01-31T21:11:52+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/JR-SP-Chart-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/Portfolio-Composition-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/Sector-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/WTI-Oil-Price-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/Global-Growth-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/EEM-Held-Lows-Dec-2018.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/01/THe-Growing-Gap-Dec-2018.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-january-2019/</loc>
		<lastmod>2019-02-01T19:51:00+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/stock-market-glass-half-empty-half-full/</loc>
		<lastmod>2019-02-26T22:52:12+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/02/JZ_Feb19_1.png</image:loc>
			<image:caption><![CDATA[US &amp; Canada Retail Sales]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/02/JZ_Feb19_2.png</image:loc>
			<image:caption><![CDATA[S&amp;P 500 vs Economic Surprise Index]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/02/JZ_Feb19_3.png</image:loc>
			<image:caption><![CDATA[US Profit Growth Falling]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-february-2019/</loc>
		<lastmod>2019-03-08T19:34:30+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/03/Bond-Chart-Feb-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-march-2019/</loc>
		<lastmod>2019-04-04T16:15:50+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Bond-March-2019-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Bond-March-2019-2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Bond-March-2019-3.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/global-central-bankers-now-a-flock-of-doves/</loc>
		<lastmod>2019-04-12T16:08:46+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ-Chart-March-2019-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ-Chart-March-2019-2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ-Chart-March-2019-3.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ-Chart-March-2019-4.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-march-2019/</loc>
		<lastmod>2019-04-23T16:31:18+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-3.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-4.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-5.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-6jpg.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/Special-Q1-2019-6.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/earnings-take-centre-stage-central-banks/</loc>
		<lastmod>2019-04-30T20:03:40+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ_Apr19_1.png</image:loc>
			<image:caption><![CDATA[Corporate Indicators Suggest Downturn]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ_Apr19_2.png</image:loc>
			<image:caption><![CDATA[Bond Market Signalling Recession]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ_Apr19_3.png</image:loc>
			<image:caption><![CDATA[Rail Demand Index' downturn accelerating]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ_Apr19_4.png</image:loc>
			<image:caption><![CDATA[Record Buybacks Keeping Markets Afloat]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/04/JZ_Apr19_5.png</image:loc>
			<image:caption><![CDATA[Debt Doesn't Matter... But It's Grown]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-april-2019/</loc>
		<lastmod>2019-05-06T14:54:25+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/china-trade-optism-looks-misplaced/</loc>
		<lastmod>2019-05-30T21:27:03+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/05/JZ_May19_1.png</image:loc>
			<image:caption><![CDATA[US Economy Late Cycle Downturn]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/05/JZ_May19_2.png</image:loc>
			<image:caption><![CDATA[Disappointing Cannabis Sales ]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-may-2019/</loc>
		<lastmod>2019-06-05T19:45:41+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/06/Bond-May-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-stock-markets-telling-different-stories/</loc>
		<lastmod>2019-07-02T18:54:36+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/07/JZ_Jun19_1.png</image:loc>
			<image:caption><![CDATA[Low interest rates didn't lead to growth]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/07/JZ_Jun19_2.png</image:loc>
			<image:caption><![CDATA[Shipping collapse isn't just tariffs]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/07/JZ_Jun19_3.jpg</image:loc>
			<image:caption><![CDATA[Collapse of exports from manufacturing leaders]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/07/JZ_Jun19_4.jpg</image:loc>
			<image:caption><![CDATA[A new tech bubble?]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-june-2019/</loc>
		<lastmod>2019-07-09T14:28:47+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/07/Bond-June-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stocks-rally-despite-troubled-economic-indicators/</loc>
		<lastmod>2019-08-01T19:21:24+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Jul19_1.png</image:loc>
			<image:caption><![CDATA[US Recession Indicator ]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Jul19_2.png</image:loc>
			<image:caption><![CDATA[Global debt growth vs GDP growth]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Jul19_3.jpg</image:loc>
			<image:caption><![CDATA[Small Cap Signals: Russell 2000 vs S&amp;P 500]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Jul19_4.png</image:loc>
			<image:caption><![CDATA[Is Apple Flat? AAPL financials]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-july-2019/</loc>
		<lastmod>2019-08-08T15:15:06+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Bond-Chart-July-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-letter-june-2019/</loc>
		<lastmod>2019-08-09T18:37:42+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-1.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-3.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-4.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-5.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-6.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-7.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/Special-June-2019-8.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/investors-take-cover-trump-ups-ante/</loc>
		<lastmod>2019-08-29T17:35:00+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Aug19_1.png</image:loc>
			<image:caption><![CDATA[Business Confidence Falling]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Aug19_2.png</image:loc>
			<image:caption><![CDATA[Negative Interest Assets Continue to Rise]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Aug19_3.png</image:loc>
			<image:caption><![CDATA[Apple valuations continue to rise despite metrics]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/08/JZ_Aug19_4.png</image:loc>
			<image:caption><![CDATA[US Deficit Grows Despite Low Unemployment]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-august-2019/</loc>
		<lastmod>2019-09-10T13:59:58+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/09/Bond-August-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/inflows-vs-economics/</loc>
		<lastmod>2019-09-29T19:41:55+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/09/JZ_Sep19_1.png</image:loc>
			<image:caption><![CDATA[Market Downturn Indicators]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/09/JZ_Sep19_2.png</image:loc>
			<image:caption><![CDATA[Yield curve investion: dependable recession forecaster]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/09/JZ_Sep19_3.png</image:loc>
			<image:caption><![CDATA[Treasury spread as recession indicator]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/09/JZ_Sep19_4.png</image:loc>
			<image:caption><![CDATA[Recession risks &amp; stock market pullbacks]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/09/JZ_Sep19_5.png</image:loc>
			<image:caption><![CDATA[Passive vs active managers]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-september-2019/</loc>
		<lastmod>2019-10-03T15:41:47+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/third-quarter-letter-special-equity-fund/</loc>
		<lastmod>2019-10-25T17:36:42+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/10/JR-Chart-1-Sept-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/10/JR-Chart-2-Sept-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/10/JR-Chart-3-Sept-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/10/JR-Chart-4-Sept-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/10/JR-Chart-5-Sept-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/trade-optimism-lower-rates/</loc>
		<lastmod>2019-11-05T20:05:34+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/11/JZ_Oct19_1.jpg</image:loc>
			<image:caption><![CDATA[Low expectations means more earnings 'beats']]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/11/JZ_Oct19_2.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-october-2019/</loc>
		<lastmod>2019-11-06T14:45:04+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/11/Bond-Chart-1-Oct-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/11/Bond-Chart-2-Oct-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/selling-trade-optimism-buying-stocks/</loc>
		<lastmod>2019-11-28T12:10:59+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/11/JZ_Nov19_1.png</image:loc>
			<image:caption><![CDATA[Risk Aversion Cycle]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-november-2019/</loc>
		<lastmod>2019-12-06T17:47:50+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/stock-investors-see-nothing-smooth-sailing-ahead/</loc>
		<lastmod>2019-12-27T19:15:19+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/12/JZ_Dec19_4.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/12/JZ_Dec19_2.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/12/JZ_Dec19_3.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2019/12/JZ_Dec19_1.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-december-2019/</loc>
		<lastmod>2020-01-13T16:14:37+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/Chart-1-Bond-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/Chart-2-Bond-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/Chart-3-Bond-Dec-2019-1.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-letter-december-2019/</loc>
		<lastmod>2020-01-24T19:35:40+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-1-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-2-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-3-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-4-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-5-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-6-Dec-2019.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/01/JR-Chart-7-Dec-2019.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/soaring-stocks-hit-turbulence-coronavirus/</loc>
		<lastmod>2020-02-05T20:41:49+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/02/JZ_Jan20_1.jpg</image:loc>
			<image:caption><![CDATA[Stock returns from valuations not earnings]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/02/JZ_Jan20_2.png</image:loc>
			<image:caption><![CDATA[Is Tesla the new Bitcoin?]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/02/JZ_Jan20_3.png</image:loc>
			<image:caption><![CDATA[S&amp;P500 valuations: barrier or breakout?]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-january-2020/</loc>
		<lastmod>2020-02-07T16:31:09+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/02/Bond-Chart-Jan-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stocks-finally-react-risk/</loc>
		<lastmod>2020-03-02T23:47:02+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/03/CNBC_valuations.png</image:loc>
			<image:caption><![CDATA[2019 returns came from valuations]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-february-2020/</loc>
		<lastmod>2020-03-06T17:47:14+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/03/Bond-Chart-1-Feb-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/03/Bond-Chart-2-Feb-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/floodgates-open-recession-unavoidable/</loc>
		<lastmod>2020-03-19T23:57:57+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/03/JZ_CoVletter_1.png</image:loc>
			<image:caption><![CDATA[Volatility, 2008-2020]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/covid-19-business-security-continuity/</loc>
		<lastmod>2020-03-25T14:36:23+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-march-2020/</loc>
		<lastmod>2020-04-15T16:21:06+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/Bond-Chart-1-March-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/Bond-CHart-2-March-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-letter-march-2020/</loc>
		<lastmod>2020-04-24T16:47:06+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JR-Chart-1-March-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JR-Chart-2-March-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JR-Chart-3-March-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stocks-rally-amidst-worst-economic-data-since-1930s/</loc>
		<lastmod>2020-04-29T12:48:00+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JZ_Apr20_1.png</image:loc>
			<image:caption><![CDATA[Extraordinary Central Banks Relief]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JZ_Apr20_2.jpg</image:loc>
			<image:caption><![CDATA[Valuations pull back]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JZ_Apr20_3.jpg</image:loc>
			<image:caption><![CDATA[Russell vs S&amp;P 500]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JZ_Apr20_4.jpg</image:loc>
			<image:caption><![CDATA[S&amp;P Operating Earnings]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/04/JZ_Apr20_5.jpg</image:loc>
			<image:caption><![CDATA[ECRI weekly 4-week moving average]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-april-2020/</loc>
		<lastmod>2020-05-14T15:21:00+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/Bond-Chart-1-April-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/Bond-CHart-2-April-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/Bond-Chart-3-April-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/yin-yang-brutal-economic-data-vs-massive-stimulus/</loc>
		<lastmod>2020-05-30T21:50:37+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/JZ_May20_1.jpg</image:loc>
			<image:caption><![CDATA[Stocks above 50 day moving average]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/JZ_May20_2.jpg</image:loc>
			<image:caption><![CDATA[Falling EPS estimates]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/JZ_May20_3.jpg</image:loc>
			<image:caption><![CDATA[US Leading Indicator vs S&amp;P 500]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/05/JZ_May20_4.png</image:loc>
			<image:caption><![CDATA[US economy's rapid contraction]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-may-2020/</loc>
		<lastmod>2020-06-22T19:25:56+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/06/Bond-Chart-May-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/fed-stimulus-feeding-frenzy-zombie-companies/</loc>
		<lastmod>2020-06-30T15:35:19+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/06/JZ_Jun20_1.jpg</image:loc>
			<image:caption><![CDATA[US Money Supply Surges]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/06/JZ_Jun20_2.jpg</image:loc>
			<image:caption><![CDATA[S&amp;P500 12 month forward price/earnings]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/06/JZ_Jun20_3.jpg</image:loc>
			<image:caption><![CDATA[Air travel plummets]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/06/JZ_Jun20_4.jpg</image:loc>
			<image:caption><![CDATA[Russell 2000 debt vs EBITDA]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/06/JZ_Jun20_5.jpg</image:loc>
			<image:caption><![CDATA[S&amp;P500 uses for operational cash flow]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-june-2020/</loc>
		<lastmod>2020-07-16T17:12:28+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/07/Bond-Chart-1-June-2020.jpg</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/07/Bond-Chart-2-June-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/free-money-leading-stockflation/</loc>
		<lastmod>2020-08-04T19:29:51+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/08/JZ_Jul20_1.jpg</image:loc>
			<image:caption><![CDATA[Wile E. Coyote off the cliff]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/08/JZ_Jul20_2.jpg</image:loc>
			<image:caption><![CDATA[Gold vs S&amp;P 500 ratio]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/08/JZ_Jul20_3.jpg</image:loc>
			<image:caption><![CDATA[S&amp;P 500 Technology-Heavy]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/08/JZ_Jul20_4.jpg</image:loc>
			<image:caption><![CDATA[Consumer slowdown in the U.S.]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/tech-stocks-lead-august-surge/</loc>
		<lastmod>2020-08-31T01:59:23+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/08/JZ_Aug20_1.jpg</image:loc>
			<image:caption><![CDATA[Fed Balance Sheet Growth]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/08/JZ_Aug20_2.jpg</image:loc>
			<image:caption><![CDATA[Corporate Profits holding up through low expectations]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-august-2020/</loc>
		<lastmod>2020-09-08T22:58:09+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/october-particularly-dangerous-month/</loc>
		<lastmod>2020-09-28T22:44:08+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/09/JZ_Sep20_1.jpg</image:loc>
			<image:caption><![CDATA[Average stock valuations over 4 indicators]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/09/JZ_Sep20_2_log.jpg</image:loc>
			<image:caption><![CDATA[10 year treasury on log scale]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/09/JZ_Sep20_3.jpg</image:loc>
			<image:caption><![CDATA[Mountains of Debt]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/09/JZ_Sep20_4.png</image:loc>
			<image:caption><![CDATA[The 1% own more than half of stocks and mutual funds]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-september-2020/</loc>
		<lastmod>2020-10-05T18:34:10+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/real-bubble-bonds-not-stocks/</loc>
		<lastmod>2020-11-02T22:13:50+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Oct20_1.jpg</image:loc>
			<image:caption><![CDATA[Value investing showing signs of life]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Oct20_2.jpg</image:loc>
			<image:caption><![CDATA[Room for treasury yields to run]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Oct20_3.png</image:loc>
			<image:caption><![CDATA[S&amp;P 500 Forward Earnings vs 10 Year Treasuries]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Oct20_4.png</image:loc>
			<image:caption><![CDATA[Presidents vs Jobless Rates]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-october-2020/</loc>
		<lastmod>2020-11-04T14:08:05+00:00</lastmod>
	</url>
	<url>
		<loc>https://jzechner.com/vaccine-news-helps-stocks-climb-wall-worry-new-highs/</loc>
		<lastmod>2020-11-30T17:51:02+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Nov20_1.jpg</image:loc>
			<image:caption><![CDATA[Scotia BGM Panic/Euphoria Indicator Nov 2019-Nov 2020]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Nov20_2.jpg</image:loc>
			<image:caption><![CDATA[Hedge funds increase exposure to stocks]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Nov20_3.jpg</image:loc>
			<image:caption><![CDATA[Buffet Indicator: Market capitalization to GDP at highs]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/11/JZ_Nov20_4.jpg</image:loc>
			<image:caption><![CDATA[Weekly Leading Index (WLI), GDP vs Recessions]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-november-2020/</loc>
		<lastmod>2020-12-08T17:24:53+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/12/Bond-Chart-Nov-2020.jpg</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/broad-consensus-buoyant-stock-market-bit-unnerving/</loc>
		<lastmod>2021-01-02T19:45:55+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/01/JZ_Dec20_1.jpg</image:loc>
			<image:caption><![CDATA[COVID: % change in real GDP, quarterly]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/01/JZ_Dec20_2.jpg</image:loc>
			<image:caption><![CDATA[COVID: Goods vs Services recovery]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/01/JZ_Dec20_3.jpg</image:loc>
			<image:caption><![CDATA[American debt rocket: Debt to GDP]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/john-shares-outlook-bnnbloombergs-market-call/</loc>
		<lastmod>2021-01-02T20:17:40+00:00</lastmod>
		<image:image>
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			<image:title><![CDATA[BNN Market Call, Dec 29, 2020]]></image:title>
			<image:caption><![CDATA[BNN Market Call, Dec 29, 2020]]></image:caption>
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		<image:image>
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			<image:title><![CDATA[John Zechner on BNN|Bloomberg | Top Picks | Dec 29 2020]]></image:title>
			<image:caption><![CDATA[John Zechner on BNN|Bloomberg | Top Picks | Dec 29 2020]]></image:caption>
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			<image:caption><![CDATA[US Financial Conditions Index]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/01/JZ_Jan21_2.jpg</image:loc>
			<image:caption><![CDATA[FRED Money Supply]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[COVID: Fiscal Stimulus as % of GDP]]></image:caption>
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		<image:image>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/10/JR-Chart-3-June-2020.jpg</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2020/10/JR-Chart-4-June-2020.jpg</image:loc>
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		<image:image>
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		<image:image>
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		<image:image>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/01/JR-Chart-2-Dec-2020.jpg</image:loc>
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		<image:image>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/01/JR-Chart-4-Dec-2020.jpg</image:loc>
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		<image:image>
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		<image:image>
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			<image:caption><![CDATA[Value vs Growth for 2021]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[copper price spikes]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[10 year bond yield]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Commodity Prices]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[10 year Treasuries, past 3 years, March 2021]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[US Industrial Production Recovering from COVID Dip]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[S&amp;P 500 Multiples Rising Again]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[China Dominating Oceania Mining]]></image:caption>
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	<url>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/04/bonds_March21.png</image:loc>
			<image:caption><![CDATA[Yield spread of Corporate Sector]]></image:caption>
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	<url>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/04/Equity_March21_1.png</image:loc>
			<image:caption><![CDATA[Zechner Benchmark]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Portfolio Composition]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/04/Equity_March21_3.jpg</image:loc>
			<image:caption><![CDATA[Portfolio Chart]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/04/Equity_March21_4.png</image:loc>
			<image:caption><![CDATA[10 yr treasury bond]]></image:caption>
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			<image:loc>https://jzechner.com/wp-content/uploads/2021/04/Equity_March21_5.png</image:loc>
			<image:caption><![CDATA[US Dollar Index]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Gold ripe for a bounce]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[US Rotary rigs]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Copper chart 2021]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Canadian Equities]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/04/Equity_March21_10.png</image:loc>
			<image:caption><![CDATA[S&amp;P-TSX]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-april-2021/</loc>
		<lastmod>2021-05-06T03:21:08+00:00</lastmod>
		<image:image>
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			<image:caption><![CDATA[10 year Canada Bonds]]></image:caption>
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	<url>
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		<image:image>
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			<image:caption><![CDATA[Bullish and Bearish Sentiment]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Inflows to global equity funds]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Consumer price index]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Foreign Investors_Canada]]></image:caption>
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	<url>
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		<image:image>
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			<image:caption><![CDATA[Crestmont P/E Ratio since 1871]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Bull Markets 1982 | 2009 | 2020]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Internet mentions of Electrification vs Copper Prices]]></image:caption>
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	<url>
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		<lastmod>2021-06-01T22:42:54+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/06/Bonds_May21.png</image:loc>
			<image:caption><![CDATA[10 year Canada Bonds ]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stock-market-buying-u-s-federal-reserve-selling/</loc>
		<lastmod>2021-06-30T18:24:51+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/06/Stock-Commentary_June21.png</image:loc>
			<image:caption><![CDATA[Consumer Price Index]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/06/Stock-Commentary-1_June21.png</image:loc>
			<image:caption><![CDATA[TSX Forward ]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/06/Stock-Commentary2_June21.png</image:loc>
			<image:caption><![CDATA[S&amp;P Earnings ]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/06/Stock-Commentary3_June21.png</image:loc>
			<image:caption><![CDATA[Oil price 2021]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-june-2021/</loc>
		<lastmod>2021-07-08T01:49:52+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Bond_June21.png</image:loc>
			<image:caption><![CDATA[10 Year Canada Bonds_June]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/special-equity-commentary-june-2021/</loc>
		<lastmod>2021-07-27T02:56:24+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Equity_July21.png</image:loc>
			<image:caption><![CDATA[Special Equity Pooled Fund ]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Equity2_Julyu21.png</image:loc>
			<image:caption><![CDATA[Portfolio composition]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Equity3_July21.png</image:loc>
			<image:caption><![CDATA[S&amp;P Cap Index]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Equity4_July21.png</image:loc>
			<image:caption><![CDATA[YTD Performance_1970]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Equity5_July21.png</image:loc>
			<image:caption><![CDATA[10year treasury bond]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/investors-throw-towel-recovery-trade/</loc>
		<lastmod>2021-07-29T14:45:49+00:00</lastmod>
		<image:image>
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			<image:caption><![CDATA[US Monetary and Fiscal Policies]]></image:caption>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/07/Comentary1_July21.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/bond-commentary-july-2021/</loc>
		<lastmod>2021-08-04T20:46:58+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/08/BondCom_July21.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/product-shortages-rising-labour-material-costs-slower-growth-chinese-debt-bombs-shake-investor-confidence/</loc>
		<lastmod>2021-10-01T03:35:06+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Mktcomment_sept21.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Mktcomment2_sept21.png</image:loc>
		</image:image>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Mktcomment3_sept21.png</image:loc>
		</image:image>
	</url>
	<url>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Bondcomment_aug21.png</image:loc>
			<image:caption><![CDATA[10yr_Canadabonds]]></image:caption>
		</image:image>
	</url>
	<url>
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		<lastmod>2021-10-28T12:36:57+00:00</lastmod>
		<image:image>
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			<image:caption><![CDATA[Bond_september]]></image:caption>
		</image:image>
	</url>
	<url>
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		<lastmod>2021-10-28T13:30:50+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Equity_21.png</image:loc>
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		<image:image>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Equity4_21.png</image:loc>
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		<image:image>
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		<image:image>
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		<image:image>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/10/Equity8_21.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/stocks-shake-off-september-worries-strong-earnings-reports/</loc>
		<lastmod>2021-11-04T21:39:16+00:00</lastmod>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/11/Zechner_nov2.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/11/Zechner_nov3.png</image:loc>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/11/Zechner_nov4.png</image:loc>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/fed-blinks-transitory-inflation-call/</loc>
		<lastmod>2021-12-02T16:02:52+00:00</lastmod>
		<image:image>
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			<image:caption><![CDATA[Omicron and Fed Funds Futures]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Baltic Exchange Dry IDX]]></image:caption>
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		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/12/JZ_Oct21_3.jpg</image:loc>
			<image:caption><![CDATA[Consumer Sentiment Index]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/catherine-murrays-media-markets-uneven-global-recovery-supply-chains/</loc>
		<lastmod>2021-12-02T16:15:55+00:00</lastmod>
		<image:image>
			<image:loc>https://jzechner.com/wp-content/uploads/2021/12/JZ_CartherineMurrayStockTalk.jpg</image:loc>
			<image:title><![CDATA[Stock Talk: John Zechner with Catherine Murray]]></image:title>
			<image:caption><![CDATA[Stock Talk: John Zechner with Catherine Murray]]></image:caption>
		</image:image>
	</url>
	<url>
		<loc>https://jzechner.com/santa-rally-prevails-omicron-hawkish-fed/</loc>
		<lastmod>2022-01-07T05:41:13+00:00</lastmod>
		<image:image>
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			<image:caption><![CDATA[Indicators vs historic mean]]></image:caption>
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		<image:image>
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			<image:caption><![CDATA[Margin debt vs S&amp;P500]]></image:caption>
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