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Conservative Improving Economy Stable Economy Worsening Economy $35 millon $7 millon -$10 millon investment Speculative $45 millon $15 millon -$30 millon investment Countercyclical investment

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Conservative Improving Economy Stable Economy Worsening Economy $35 millon $7 millon -$10 millon investment Speculative $45 millon $15 millon -$30 millon investment Countercyclical investment Prior Probability -$10 millon 0.2 0 $15 millon 0.5 0.3

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