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Roger Khlopin, CFASenior Vice President
Chief Investment Officer
Economic & Market OutlookOctober 11, 2019
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Who We Are
Bank of Hawaii Corporation• Founded in 1897, Bank of Hawaii is the largest
independent financial institution in the State of Hawaii with over $17.7 billion in total assets.
• Bank of Hawaii ranks No. 4 among U.S. financial institutions and No. 40 overall in the 2019 “100 Most Sustainable Companies list,” published by Barron’s magazine on Feb. 8, 2019. Bank of Hawaii is the only company in Hawaii to be recognized.
• Oldest and largest trust business in the State of Hawaii, with over $9 billion in assets under management and administration.
• Largest Hawaii municipal bond manager($1 billion plus) including largest and oldest state municipal bond fund, Hawaiian Tax-Free Trust.
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Trust Services Group Offerings
Individual & Families
• Cash Management
• Credit Solutions
• Investment Management
• Custody Services
• Trust & Probate Administration
• Foundation Administration & Philanthropy
• Retirement Planning
• Tax & Estate Planning
• Financial Planning
• Real Estate Management
Businesses & Non-Profit
• Cash Management
• Credit Solutions
• Investment Management
• Custody Services
• Trust Administration
• Foundation Administration & Philanthropy
• Real Estate Management
• Retirement Plan Administration
• Business Succession Planning
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Full Spectrum of Investment Solutions
We offer a wide range of managed strategies, designed to meet a full spectrum of risk and return objectives
for a variety of client profiles.
Money Market Ultra -ShortFixed Income
Short-InterFixed Income
CoreFixed Income
Fixed Income& Equity Equity
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News Headlines From Last December
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Recent News Headlines
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MainstreamMedia
EconomicFacts
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Putting Recent Equity Sell-Offs in Perspective
Source: Pension Partners
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Powering Through Recessions
Dow Jones Industrial Average
Source: Bloomberg Finance LP
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ISM Manufacturing Survey
Activity Expanding
Activity Contracting
?
Source: Bloomberg Finance LP
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ISM Non-Manufacturing Survey
Activity Expanding
Activity Contracting
Source: Bloomberg Finance LP
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Yield Curve Flattening/Inversion
September 2018
October 2019
Source: Bloomberg Finance LP
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S&P 500 Level Yield Curve Level
Source: Bloomberg Finance LP
The Yield Curve & Stock Bull Markets
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-0.72%
-0.47%
-0.33%
-0.24%
-0.21%
-0.14%
0.20%
0.22%
0.59%
0.90%
1.41%
1.67%
Switzerland
Germany
Netherlands
Sweden
Japan
France
Portugal
Spain
U.K.
Australia
Canada
U.S.
Comparative 10-Year Gov’t Bond Yields(As of 10/10/2019)
Source: Bloomberg Finance LP
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$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19
Negative Yielding Debt By Country/Region
Japan Euro Area Ex-Germany & France Germany France Rest of World
Negative Yielding Debt($ in trillions)
Source: Bloomberg Finance LP
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0%
10%
20%
30%
40%
50%
60%
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
Negative Yielding Debt as a Percentage of Global Bond Index
BB Global Aggregate Ex-US BB Global Aggregate
17Source: Bloomberg Finance LP
Negative Yielding Debt
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25-year average: 4.6%
30-Year U.S. Treasury Bond Yields
Source: Bloomberg Finance LP
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The Upside of Low Rates
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The Upside of Low Rates
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Trade “Wars”
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Communism at 70
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Brinkmanship: The art or practice of pushing a dangerous situation or confrontation to the limit of safety especially to force a desired outcome of
Madman theory: A political theory commonly associated with President Nixon’s foreign policy. Nixon and his administration attempted to convince leaders of hostile communist bloc nations that he was irrational and volatile. According to the theory, those leaders would then avoid provoking the United States fearing an unpredictable American response.a desired outcome
Trade Gamesmanship
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Trade Flows($ in billions)
$62.8
$65.4
$73.8
$88.5
$89.1
$100.4
$106.4
$173.6
$281.0
$539.5
$0 $100 $200 $300 $400 $500 $600
United Kingdom
Vietnam
India
Mexico
Germany
Netherlands
South Korea
Japan
Hong Kong
United States
China's Export Customers
$33.7
$42.1
$46.1
$57.3
$58.9
$65.4
$83.6
$156.3
$228.8
$249.2
$0 $100 $200 $300 $400 $500 $600
France
Singapore
Netherlands
Germany
South Korea
United Kingdom
Japan
China
Mexico
Canada
America's Export Customers
Source: Bloomberg Finance LP
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No progress is madeAdministration is tough
on trade with China
Market sells off ontrade war fears
Administrationhints at resolution
Market ralliestemporarily on news
The Trade War Cycle
October 10th
President Trump says trade talks between the
U.S. and China are “going really well.”
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3.7%
2.2%2.5%
1.9%
6.8%
3.5%
2.9%
1.9%
0.8%
6.6%
3.2%2.8%
1.8%
0.7%
6.2%
3.4%
2.3%
1.6%
0.6%
6.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
World US Euro Area Japan China
Global Growth Outlook
2017 2018 2019 2020
Slowing Growth But No Recession
Source: OECD
Source: Organization for Economic Cooperation and Development (OECD)
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Moderate Growth Expected Through 2021
-0.1%
-2.5%
2.6%
1.6%2.2%
1.8%2.5%
2.9%
1.6%2.2%
2.9%2.3%
1.8% 1.8%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
U.S. Real Gross Domestic Product(Year-over-Year Change)
-37% 26% 15% 2% 16% 32% 14% 1% 12% 22% -4%
S&P 500 Total Returns
19%
Source: Bloomberg Finance LP
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Longest Economic Expansion in History
Source: Bloomberg Finance LP
Gross Domestic Product: $21.3 trillion
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Solid Labor Market
Source: Bloomberg Finance LP
Unemployment Rate
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Improving Wages
Source: Bloomberg Finance LP
Average Hourly Earnings(Year-over-Year Growth)
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Rising Consumer Confidence
Source: Bloomberg Finance LP
Conference Board Consumer Confidence Index
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Strong Household Sector
Source: JP Morgan
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Healthy Retail Sales
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Hawaii Economy
IndicatorsActual Forecast
2017 2018 2019 2020 Real GDP(Y-o-Y% change) 1.1% 1.4% 1.3% 0.9%
Unemployment Rate 2.4% 2.5% 2.8% 3.2%
Real PersonalIncome(Y-o-Y % change) 1.2% 1.0% 1.2% 0.6%
Honolulu Inflation Rate 2.5% 1.9% 1.7% 1.6%
Visitor Arrivals(Y-o-Y % change) 5.2% 5.9% 5.1% -1.2%
Average Length of Stay(# of days) 9.0 9.0 8.8 8.8
Real Visitor Expenditures(Y-o-Y% change) 3.0% 3.9% -0.5% -0.7%
Source: UHERO
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Hawaii Economy
Source: UHERO
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15.7%
19.1%
15.2% 15.2%
11.2%
5.5%
8.6%11.0%
7.4%
Dow JonesIndustrial
S&P500
DJ SelectDividend
RussellSmid Cap
Int'l Dev(MSCI EAFE)
Int'l Emg(MSCI EM)
BarclaysAggregate
BarclaysHigh Yield
BarclaysMunicipal
Performance of Major Market IndicesYear-to-Date Total Return as of 10/10/2019
Capital Markets Review
Source: Bloomberg Finance LP
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$35
$55
$75
$95
$115
$135
$155
$175
$195
650
1050
1450
1850
2250
2650
3050
3450
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
S&P 500 (left scale) Corporate Earnings (right scale)
S&P 500 Index & Corporate Earnings
Source: Bloomberg Finance LP
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582%
340%
263%
126%
229%
101%
82%
80%
74%
48%
21%
177%
12.3
10.6
8.1
6.2
5.0
5.0
4.2
3.6
2.6
2.1
1.7
5.6
12/1987 ‒ 03/200003/2009 ‒ 09/201906/1949 ‒ 07/195710/1974 ‒ 11/198008/1982 ‒ 08/198710/2002 ‒ 10/200710/1957 ‒ 01/196206/1962 ‒ 02/196605/1970 ‒ 01/197310/1966 ‒ 11/196810/1946 ‒ 06/1948
Average
Post-World War II Bull Markets Bull Market Length in years
Percentage Gain in S&P 500
A Great Bull Market
YouAre
Here
Source: Bloomberg Finance LP
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Reasonable Market Valuation
Source: JP Morgan
S&P 500 Index: Forward P/E ratio
Valuation measure Description Latest
25-year avg.*
Std. dev. Over-/under-
ValuedP/E Forw ard P/E 16.59x 16.23x 0.11CAPE Shiller's P/E 29.06 27.10 0.32Div. Yield Dividend yield 2.08% 2.10% 0.04P/B Price to book 3.06 2.95 0.15P/CF Price to cash f low 12.10 10.62 0.80EY Spread EY minus Baa yield 2.22% -0.05% -1.16
25-year average: 16.23x
+1 Std. dev.: 19.41x
-1 Std. dev.: 13.05x
Oct. 7, 2019:16.59x
8x
10x
12x
14x
16x
18x
20x
22x
24x
26x
'94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18
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Stock & Bond Yields
0%
2%
4%
6%
8%
10%
12%
14%
1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017
10-year U.S. Treasury Yield S&P 500 Dividend Yield
Source: Bloomberg Finance LP
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Mutual Fund & ETF Flows
Source: Bloomberg Finance LP
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MAHALO