1a. You are working at a large pension fund. The CIO tells you that there will be a strong deflationary pulse in the US and global economy. The CIO asks you to pick two investments from the following choices: 2 year treasury bonds, 30 year treasury bonds, high yield bonds, gold etf, emerging markets equities ETF, a commodity etf, or a short S&P 500 fund. You also have the choice of etfs for equities from the following S&P 500 sectors energy, financials, staples, industrials, utilities, technology, timber reits, steel stocks, mining stocks and agricultural service stocks. Justify your two picks for allocation. 1b. Next the CIO alters the forecast and says to expect a huge surge in global growth. Which two investments from the same list would you recommend and why? 1c. The CIO calls for stagflation or high inflation with low growth. Which two investments would you pick and why?