The key question facing investors is whether global growth will accelerate or stagnate from this point onward.
Our view remains that growth has already bottomed in the United States and China but not in Europe, Japan and most of the emerging markets. Managements are running tight ships so we would expect any acceleration in growth to translate quickly to surprisingly strong earnings and higher stock prices. Growth will solve many of the problems that now exist while stagnation will lead to political unrest and a cry for change.
We continue to find the U.S. market