The Great Reset –
2022 Update
By John Mauldin
In May 2017, I began writing about a coming potentially turbulent event I call “The Great
Reset.” I said it will be the most important topic I’ve ever written about and I continue to
hold that belief today. What is The Great Reset? It is the point in which we reset the
massive imbalance between the debts governments owe and the promises
governments have made, and the taxes governments need to collect.
After the massive stimulus provided by government in response to the Covid pandemic,
we are still running a $2 trillion+ deficit (not including state and local debt building up).
Using current optimistic CBO projections and assuming just one recession in the next
10 years, we will easily be at $50 trillion of total debt around 2031. (Although I may be
optimistic. Every few years when I make a projection for long-term US debt, I have to
revise the number upwards.) Mounting entitlement spending will continue to increase,
making the deficits even larger.
The timing of The Great Reset is somewhat unpredictable, and investors should brace
themselves for enormous market turbulence in the future. My best guess today is that
we are looking at the latter part of this decade, but governments and central banks will
do everything they can to kick the can down the road. By the way, this is not a problem
for just the United States.
Let me pause for a moment and create some footing around what I share with you in
this update. If what I am saying sounds scary to you, I encourage you to shift your focus
and view the information unemotionally. As an investor, my goal is to position my money
and my clients’ money to do well in all kinds of market environments--whether it is a
secular bull or secular bear market, whether interest rates are rising or falling, or
whether we are in an inflationary, stagflation or deflationary environment. There are
always people that will do well. It’s a question of positioning. Neither you nor I put us
into debt. But we do have to consider its consequences.
The reality is we don’t know what legislators will do, who will be in charge, nor how
central banks will respond. My job as a global macro economist and investment
fiduciary is to understand and manage risk while at the same time seek and evaluate
opportunities. The ultimate objective is to protect and even grow your wealth in order to
get as much of your buying power to survive The Great Reset. And, if navigated
2
successfully, you’ll be able to take advantage of the opportunities a large bear market
dislocation creates. Recall the investment opportunity the Great Financial Crisis in
2008-2009 created and the double digit returns that followed.
That’s what I believe will happen. If I’m wrong, and I could be, I’m investing in well
collateralized CORE investments yielding in the mid-to-high single digits. And I created
a strategy that diversifies to different risk-managed ETF strategies. By diversifying to
these different types of investments, my goal is to earn returns in the mid-to-high single
digits. I’m attempting to achieve the returns bonds used to provide us years ago. Bond
funds yielding 2% cannot provide you necessary income nor help your portfolio. There
are a number of opportunities I like, and I’ll share a few ideas at the end of this letter.
Much has happened since 2017. Shortly after the onset of the global pandemic, I wrote
a paper entitled, How the Coronavirus Accelerates the Endgame and The Great Reset.
The “gripping hand” of Covid remains a force of acceleration. Observe its impact: U.S.
debt has increased from $20 trillion to $29+ trillion since 2017, increasing 50% in just
five years. By our estimation, it will almost double to $50 trillion by the end of this
decade. Today it looks like this (courtesy www.debtclock.org):1
1 As an aside, US debt-to-GDP is now 127%. It wasn’t all that long ago that I was writing about how Italy
was a basket case at 120% debt-to-GDP. Italy is still a basket case financially, but the US seems bound
and determined to catch up. Assuming 5% nominal GDP growth, approximately double what we have
done for 20 years, the compounding debt will be roughly 200% debt to GDP by ~2030.
3
It wasn’t that long ago that I was writing how Italy was a basket case at 120% debt-to-
GDP. Total U.S. Debt is now 127% of GDP. However, it is the entitlement promises
made, Social Security, Medicare and the underfunded federal, state and local pension
systems, that have me most concerned. According to USDebtClock.org, total U.S.
Unfunded liabilities are $163.6 trillion. Read again with stiff drink near, that’s $492,215
dollars in debt per U.S. citizen.
The debt and underfunded entitlement obligations collide in the late 2020’s. We are
flying at 36,000 feet at 500 miles per hour into a perfect storm. We will survive the
turbulence, but it is going to get bumpy.
Make no mistake, those on Social Security and other entitlement programs expect to be
paid just as any bondholder. The problem is we owe too much, and we can’t tax our
way out of this one.
In 1997 my friend Neil Howe co-wrote with William Strauss a book called The Fourth
Turning: An American Prophecy - What the Cycles of History Tell Us About America's
Next Rendezvous with Destiny. I’ve written much about Neil and also about my friend
George Friedman’s cycle work and they both believe there are three different sets of
cycles that all come to their point of greatest impact in the late 20s.
Strauss and Howe look back 500 years and uncover a distinct pattern: Modern history
moves in cycles, with each cycle lasting about the length of a long human life, each
composed of four eras—or "turnings"—that last about 20 years and that always arrive in
the same order. First comes a High, a period of confident expansion as a new order
takes root after the old has been swept away. Next comes an Awakening, a time of
spiritual exploration and rebellion against the now-established order. Then comes an
Unraveling, an increasingly troubled era in which individualism triumphs over crumbling
institutions. Last comes a Crisis—the Fourth Turning—when society passes through a
great and perilous gate in history. Together, the four turnings comprise history's
seasonal rhythm of growth, maturation, entropy, and rebirth. And, just in time to make
Neil’s projections look very prophetic, we have a debt crisis and The Great Reset
showing up inconveniently at the same time.
George Friedman writes about two cycles: a 50-year cycle and a similar 80-year cycle
of geopolitical turmoil. Randomly (or maybe not so randomly) both cycles coincide in the
latter part of this decade. Ugh.
It all comes together in what I call The Great Reset. It's one thing when I say we have
too much debt, but it is the inability to pay for the promises that further exacerbates the
size of the debt. As these unfunded liabilities become bigger and bigger and bigger.
They swamp the budget. We are well on the path, already spending far more than we
are making.
So, it's got to be “rationalized” and that's an economic term. The bottom line is we will
have to change the character or nature of the promises. Let me give you a real-life
4
example: Social Security. I have paid into Social Security for 56 years. And I’m still
paying into it and for the last 45 years or so I pretty much always paid at the maximum.
I'm now 72 and I am getting ~$3,400 a month.
Starting January 2022, the government is
increasing it to $3,671 per month, due to inflation and CPI. So, all of a sudden, I'm
getting 5.9% more. That's almost $45,000 a year. And inflation this year is going to be
high again. I’ll get even more per month next year. If you keep having inflation like that,
the cost of Social Security goes up proportionately. In 2021, the government spent ~$7
trillion and took in ~$3 trillion in tax revenue (part of that was in late 2020). They
borrowed $4 trillion to cover the shortfall. This is untenable.
So, let's talk about how we get to The Great Reset and what it looks like. When we get
there, it's crunch time. The markets will be in turmoil. Things will look uncomfortable
because people will be demanding their Medicare, Social Security, all those other
underfunded retirement benefits. Borrow another $2 trillion a year for 10 years and the
government debt will be $50 trillion. At just 1% interest rates costs on $50 trillion, add
another $500 billion per year to the deficit. At 2% interest rates, it’s $1 trillion per year
annual interest costs. What happens if we get to 3%? That is a real possibility unless
the Fed steps in with massive financial repression, which will utterly destroy the marketsignaling
mechanism.
Inflation during that period could make our current conditions seem like a walk in the
park. How does the Fed hold back inflation, accommodate government spending with
quantitative easing (“QE”) and not raise rates significantly? If they don’t, inflation gets
out of control. That would destroy the value of the currency. They have nothing but bad
choices.
When we get to crunch time, we are going to have to massively raise taxes or massively
cut benefits, or massively print currency or meaningfully monetize the debt, or a
combination of all of the these. And it's not clear what we’ll do because we don't know
who's going to be in control. Debt leads to tension whether it’s on a family’s balance
sheet, a corporation’s balance sheet, or a government’s balance sheet. And what we
are facing is not just a U.S. problem, it is a developed world problem. Governments will
ultimately find a way to rationalize the debts. When you are up against the wall with a
blindfold on, you are open to all kinds of solutions to save your life. Suddenly, the
unthinkable becomes all too possible.
Nothing has changed in my basic view on The Great Reset. We are five years closer. I
don’t believe we see the real turmoil until 2028, although it may take a few years longer
or it could present sooner. Individually, we still have time to plan.
Within a few years, the problems will be clear to most everyone. At some point, we will
have this crisis. We will have to rationalize that debt and people are not going to be
happy.
What's going to accelerate us along that path? What paths do we have? Well, number
one, we have to figure out inflation this year. The Fed said we're going to reduce QE
5
and start raising rates. That's what the Fed is predicting. My friends Felix Zulauf and
Louis Gave say that's going to create a large market sell-off in the first half of 2022.
Felix believes risk to the stock market is -30% or more. Then, he believes the Fed will
respond with more QE to pump the markets back up.
If the Fed comes once again to the rescue, the market bottoms and may rally back up to
test the previous high. Zulauf is predicting the current secular bull market peaks in 2024.
He believes inflation becomes far worse than the 7% we are experiencing in early 2022,
then a big secular bear market takes hold.
As Milton Friedman famously said, “Inflation is always and everywhere a monetary
phenomenon in the sense that it is and can be produced only by a more rapid increase
in the quantity of money than in output.”
If the Fed comes in to rescue the stock markets, the message to Main Street would be
we are here to protect Wall Street. That is the absolute worst message the Fed can
possibly send.
I don't know what Fed Chair Jerome (Jay) Powell will do. I hope he says he is going to
beat inflation down to a pulp or at least to the Fed’s 2% target. Yes, there could be a
bear market. In this event, we could see very slow growth, maybe even a mild
recession. Recessions are, by definition, deflationary. Slow growth and/or a recession
would drive a stake through the heart of inflation. It would reduce demand and help
solve the supply chain problems faster.
Pouring more QE into the system would be disastrous. So, honestly, if Powell will stay
the course and fight inflation, not worry about a recession, as long as it's a mild one,
interest rates should stay relatively under control. If the country can't handle 1% interest
rates, then we're all in deep kimchi anyway. If Powell doesn't go down the inflation
fighting path, the technical term is we are screwed.
Zulauf and Gave think the Fed will take the QE path. The Fed’s behavior since the
Great Financial Crisis supports this view. Each crisis since the Great Financial Crisis
has required greater amounts of QE. If you think 7% inflation is an issue, just wait. By
2023-24 the inflation Jeanie will be totally out of the bottle and it will be harder to put it
back in.
are the endgame to the long-term secular bull
market in both the bond and stock markets. Everything reprices and Jay Powell goes
down in history as the next Arthur Burns, the former Fed chairman in the 1970’s that
created the inflation fire that Paul Volcker later put out.
6
Frankly, if Powell doesn't fight inflation, he should be impeached. Since 1977, the
Federal Reserve has operated under a mandate from Congress to "promote effectively
the goals of maximum employment, stable prices, and moderate long term interest
rates" — what is now commonly referred to as the Fed's "dual mandate." If you can't
fight inflation, you can't have low unemployment. Powell and his Fed would have failed
at their dual mandate.
I remember the 1970’s well. Inflationary recessions are ugly for individuals, businesses
and traditional stock and bond investing.
The bottom line is we are on the path to The Great Reset. Debt will continue to climb,
and aging demographics will accelerate the stress on the Social Security, Medicare and
pension systems. It will present sometime this decade. It is unavoidable.
The immediate thing to watch is how Jay Powell and his Fed approach inflation. If they
bring it down, that may push out The Great Reset out to 2029/32. If they don’t, we’ll
reach The Great Reset sooner.
How we navigate the reset also depends on legislative leadership. I believe the election
campaign in 2028 will be the campaign about who can best manage the crisis. We have
no idea who we are going to elect to office in 2028. We have no idea who we are going
to elect in 2024. But whoever is in power, they're going to be facing a serious crisis. And
to be blunt, the country is split into two tribes today. One tribe would say, “Well, we're
going to increase income taxes and probably add a Value Added Tax and increase
7
benefits.” The other tribe will try to reduce welfare and means test pension and
entitlement payments, along with raising taxes. I personally think a Value Added Tax is
the only way to get out of this. Which, by the way, is a tax on the middle class as much
or even more so than the rich.
The Great Reset is what happens at the end of long-term debt super cycles. The Great
Reset is about how we resolve the debt and underfunded entitlement challenges. I
believe it will be a combination of debt monitization, increased taxes and reduction in
benefits. But really, we don’t yet know.
My central point is the conditions we face increase the potential for extreme volatility.
Inflation and higher interest rates are a probable outcome. William White, former head
of the Bank for International Settlements (the central banker’s central bank) said at my
conference several years ago, “In the end, there will be inflation.” That certainly seems
to be the path central bankers are on. If so, higher interest rates and a repricing of the
global equity markets is a probable outcome.
Another potential outcome is a sovereign debt crisis where governments default on their
debts and restructure (read: reduce) promised entitlement benefits. An outcome that
risks an extended period of deflation, slow growth and potential depression. If so,
interest rates may stay lower for longer or may rise significantly due to the increased
default/credit risks. This too would be an unfavorable environment for equities.
A third outcome is governments find a way to restructure their obligations and they soft
land these very large challenges, the two tribes maintain trust, international
relationships work in partnership to protect their currencies (as the developed world is in
arguably worse debt/demographics/entitlement shape than the U.S.) and the outcome is
less extreme.
Can it be done? Can “We muddle through?” -- a phrase I coined years ago. I’m an
optimist but I believe the probabilities are low. The headwinds are enormous, and the
solution requires great leadership. I don’t see that in place today.
The Great Reset is unavoidable. We are flying into a storm. My message is to prepare
for increased volatility and the good news there is much you can do and there is time for
you to prepare.
What do investors do about this?
There is no perfect solution. You could go completely risk off and put all your money in
cash. The problem is you generate zero income, and your buying power would be eaten
away by inflation over the next decade. You could use ten percent out of the money put
options and limit your downside risk of loss to just ten percent. Like your homeowners
insurance there is a cost, but it will keep your wealth from burning down. For most, there
is a need to earn a return on capital–while keeping an eye on risk. Talk to an advisor
who truly knows how to utilize stock options. If you have any questions, talk to me and
my CMG team.
8
For the past five or so years, I have been on a journey to develop a comprehensive set
of portfolio programs and strategies that fit my worldview and also reflect what I believe
are likely probabilities for the coming decade. I’ve said this coming decade presents
great opportunity––and serious risk. How do we capture that in a portfolio?
A few years ago, I merged my investment advisory firm into Steve Blumenthal’s firm,
CMG Capital Management Group. CMG is the SEC-registered investment adviser
founded in 1992. Steve developed a team of financial professionals and consultants that
are second to none. Those who know us know we are close friends. I serve as CMG’s
Chief Economist and co-portfolio manager of the CMG Mauldin Smart Core Strategy
and what we call the “CMG Mauldin Kitchen.” I am also an investment adviser
representative with CMG.
The CMG Mauldin Kitchen consists of investments that I, Steve and our research team
have sourced through our network. You can imagine I have a pretty deep network that
took years build and is rooted in trust.
Philosophically, we approach investment portfolio design in much the same manner:
cautiously, but with a sense of optimism. We have developed a series of what we think
of as “portfolio ingredients,” which can be adapted alongside other strategies to meet
individual investor needs. Internally, we have been referring to the rather large number
of strategies on our platform as our “kitchen.”
From one perspective, you want to be prepared for an inflationary regime and rising
interest rates that come with such periods. Certain assets fare well, most don’t. If you
are a retiree, you will want to own income-producing assets. The problem is neither
1.80% yielding 10-year Treasury Notes nor 2% yielding corporate bond funds will help
your portfolio. Especially in a high inflation, rising interest rate environment, which
means you earn negative real rates, and your bonds decline in value. Of course, rates
could go lower and your bonds could gain in value but there is just not much more room
to run in that trade.
Within our CMG Private Wealth Group, we have a certain way of thinking about wealth.
We call it “CORE and EXPLORE.” Our objective is to defend our CORE wealth so that
we can seek asymmetric return opportunities with our EXPLORE wealth.
For CORE investments we favor building portfolios that diversify to well-collateralized
short-term private credit, high dividend paying stocks that have management cultures
that reward investors by increasing the dividend payouts each year, and risk-managed
ETF trading strategies.
To give you a sense for some of the CORE investment opportunities we invested in last
year, following is a brief summary.
9
CORE Investment Ideas:
Short-term Private Credit
• A 6% yielding two-year Bond – Collateralized with first lien short-term
construction loans
• A 7% yielding credit fund – Collateralized with pharmaceutical royalties (two-year
minimum hold, then quarterly liquidity)
• A 15% yielding short-duration credit/vendor insurance fund – Run by the former
co-head of an Ivy League endowment fund (one-year minimum hold)
• An 8% yielding five-year Bond - Collateralized with first lean short-term
construction loans
• A 7% yielding Corporate Lending Fund (monthly liquidity)
• A 5.25% yielding (historically, 64% tax deferred) Institutional Private Real Estate
securities. A multi-strategy, multi-manager, multi-sector approach.
Trading Strategies
• A Market Neutral, Multi-Disciplined, Trading Teams. Absolute return focus with
audited management track record back to 1990. Low to mid-teen return history
with nominal capital drawdowns.
• A Multi-Strategy Fund, Trading Teams. Absolute return focus with audited
management track record back to 2008.
• CMG Mauldin Smart Core – Allocations to a select group of experienced ETF
trading strategists. Management track record back to 2017. GIPS Verified.
• 3EDGE Total Return Strategy. Global allocation, risk management focus.
• Ned David Research Dynamic Allocation. ETF global allocation, risk
management focus.
• Greenrock Research High and Growing Dividend Stocks Portfolio
• CMG Beta Rotation. A high beta, low beta risk managed ETF trading strategy.
• CMG High and Growing Dividend ETF strategy, risk managed.
• Peak Dynamic Risk Hedged U.S. Growth
• Syntax Stratified Total Market Hedged ETF (market exposure, hedged with put
options)
• Ned Davis Research CMG Large Cap Long-Flat Strategy (managed risk)
• Ned Davis Research CMG Large Cap Long-Short Strategy (managed risk)
• Select other strategies in the CMG Mauldin Kitchen
The objective is to grow the CORE portion of your portfolio in the mid-to-high single
digits with a focus on downside risk mitigation. Preserve the CORE. This then enables
the EXPLORE.
For the EXPLORE portion, we see select investments and diversify to concentrated
positions that may range from 1% of overall net worth to 5%. Frankly, we are less
concerned about The Great Reset implications simply due to the upside potential of the
10
EXPLORE investments we consider. We look for disruptive technologies in genomics,
biopharmaceuticals, healthcare, technology, battery technology, etc. We seek to be
aggressively risk-on with the portion of a portfolio allocated to EXPLORE with the goal
to meaningful enhance wealth.
EXPLORE Investments:
Late-stage Private Equity2
• A private equity investment in a bio-agriculture company that is pioneering the
way in nature identical gene edited productivity traits. Gene edited productivity
traits reduces needs for fungicides, herbicides and pesticides. All while being
non-GMO. The market is simply vast.
• A private equity investment in a biopharma company focused on Parkinson’s
Disease, Diabetes, Obesity and aging. Seeking to solve for unmet needs in large
markets.
• Select private equity funds - institutionally managed, experienced teams.
High Conviction (Best Ideas) Stock Portfolios
• ARK Invest Disruptive Stock portfolio – A highest conviction stock portfolio of
Cathie Wood and her team’s best ideas. Approximately 11 stocks. (Note that
Cathie Wood’s highest conviction stocks considerably outperformed her ETF. I
believe the potential for a serious bear market will give us a remarkable once-ina-
decade buying opportunity.)
• Kingsland Transformation Growth Stocks – A highest conviction portfolio of Art
Weise and his team at Spouting Rock’s best ideas.
• Gould Small Cap Growth Stocks – A highest conviction small cap trading
strategy with its roots in Investor Business Daily founder William O’Neil’s stock
selection and trading process.
2 Please note that certain private investments are limited to Accredited Investors or Qualified Clients,
under applicable securities laws and regulations. Please talk to your adviser to determine if you qualify to participate in such investments. Additionally, please be advised that private investments involve significant risk, including total loss of principal and capital invested.
11
We are here to serve you. I recommend that you take a phone call from one of our
highly experienced representatives and let them familiarize you with what’s in the
Mauldin Kitchen. You may want to put some of your portfolio or all of your portfolio in.
That is your choice. We have access to what I believe are special niche opportunities
you won’t find at other advisory firms. Our goal is to help you and your family where we
can.
Your certain we will all get through this together analyst,
John Mauldin
Chief Economist and Co-Portfolio Manager
CMG Capital Management Group, Inc.
Important Disclosures follow on the next page.
12
IMPORTANT DISCLOSURE INFORMATION
INVESTING INVOLVES RISK. PAST PERFORMANCE DOES NOT GUARANTEE OR
INDICATE FUTURE RESULTS.
This document is a general communication provided for informational purposes only. It
is educational in nature and not designed to be a recommendation for any specific
investment product, strategy, plan feature, or other purpose. The information contained
herein was obtained from sources believed to be accurate and reliable. Because of the
possibility of human and mechanical error as well as other factors, however, such
information and data is provided "as is" without warranty of any kind. No member of
CMG Capital Management Group, Inc. (“CMG”) or its respective directors, officers,
employees, or partners make any claim, prediction, warranty or representation
whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness,
merchantability of any information or of results to be obtained from the use of any
strategy or product or the fitness or suitability of any strategy or product for any
particular purpose to which they might be put.
No responsibility or liability can be accepted by CMG or their respective directors,
officers, employees, or partners for (a) any loss or damage in whole or in part caused
by, resulting from, or relating to any error (negligent or otherwise) or other circumstance
involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing,
transmitting, communicating or delivering any such information or data or from use of
this document or links to this document or (b) any direct, indirect, special, consequential
or incidental damages whatsoever, even if CMG is advised in advance of the possibility
of such damages, resulting from the use of, or inability to use, such information.
Any examples used herein are generic, hypothetical, and for illustration purposes only.
Prior to making any investment or financial decisions, an investor should seek
individualized advice from a personal financial, legal, tax and other professional
advisors that take into account all of the particular facts and circumstances of an
investor's own situation.
Different types of investments involve varying degrees of risk. Therefore, it should not
be assumed that future performance of any specific investment or investment strategy
(including the investments and/or investment strategies recommended and/or
undertaken by CMG will be profitable, equal any historical performance level(s), be
suitable for your portfolio or individual situation, or prove successful. No portion of the
content should be construed as an offer or solicitation for the purchase or sale of any
security. References to specific securities, investment programs or funds are for
illustrative purposes only and are not intended to be and should not be interpreted as
recommendations to purchase or sell such securities.
13
Certain portions of the content may contain a discussion of, and/or provide access to,
opinions and/or recommendations of CMG (and those of other investment and noninvestment
professionals) as of a specific prior date. Due to various factors, including
changing market conditions, such discussion may no longer be reflective of current
recommendations or opinions. Readers should not assume that any discussion or
information contained herein serves as the receipt of, or as a substitute for,
personalized investment advice from CMG or the professional advisors of your
choosing. To the extent that a reader has any questions regarding the applicability of
any specific issue discussed above to his/her individual situation, he/she is encouraged
to consult with the professional advisors of his/her choosing. CMG is neither a law firm
nor a certified public accounting firm and no portion of the newsletter content should be
construed as legal or accounting advice.
This presentation does not discuss, directly or indirectly, the amount of the profits or
losses, realized or unrealized, by any CMG client from any specific funds or securities.
In the event that CMG references performance results for an actual CMG portfolio, the
results are reported net of advisory fees and inclusive of dividends. The performance
referenced is that as determined and/or provided directly by the referenced funds and/or
publishers, have not been independently verified, and do not reflect the performance of
any specific CMG client. CMG clients may have experienced materially different
performance based upon various factors during the corresponding time periods.
In a rising interest rate environment, the value of fixed income securities generally
declines and conversely, in a falling interest rate environment, the value of fixed income
securities generally increases. High-yield securities may be subject to heightened
market, interest rate or credit risk and should not be purchased solely because of the
stated yield. Ratings are measured on a scale that ranges from AAA or Aaa (highest) to
D or C (lowest). Investment-grade investments are those rated from highest down to
BBB- or Baa3.
Certain strategies invest primarily in exchange-traded funds (ETFs) or mutual funds that
are offered by prospectus only. Please carefully read each ETF’s or mutual fund’s
prospectus prior to investing. Investors should consider the underlying funds investment
objectives, risk, charges and expenses carefully before investing.
In the event that there has been a change in an individual's investment objective or
financial situation, he/she is encouraged to consult with his/her investment
professionals.
Please note: The views in this presentation are those of John Mauldin and do not
necessarily reflect those of CMG or any sub-adviser or investment manager that CMG
may engage to manage any CMG strategy. A copy of CMG's current written disclosure
statement discussing advisory services and fees is available upon request or via CMG's
web site at (https://www.cmgwealth.com/about/disclosures). CMG is committed to
protecting your personal information. Visit
14
https://www.cmgwealth.com/about/disclosures/privacy-policies/ to review CMG’s privacy
policies.
