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A Stable Platform?

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The <strong>Platform</strong> Boom – Bust Cycle<br />

Since March 2009, the <strong>Platform</strong> Boom Index surged almost 1,000% during a period when the S&P 500 Index rose 215%. Since July 20, 2015,<br />

the <strong>Platform</strong> Boom Index has plummeted 24%.<br />

<strong>Platform</strong> Boom Index vs. S&P 500 Index<br />

MARCH 9, 2009 – OCTOBER 15, 2015<br />

1100<br />

1000<br />

<strong>Platform</strong> Boom Index<br />

S&P 500 Index<br />

900<br />

800<br />

700<br />

600<br />

[24%]<br />

?<br />

500<br />

400<br />

300<br />

200<br />

100<br />

0<br />

2010 2011 2012 2013 2014 2015 2016<br />

Source: Bloomberg, JHL research.<br />

Strictly confidential. Not for public distribution. © 2015 JHL Capital Group LLC. All rights reserved. 23

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