Key investment views ........................................................ 4
Investment outlook
Debt will also dominate 2012 ................................................ 5
Investing
Global risks: High and interconnected .................................. 10
Preserving wealth or looking to increase it ........................... 12
Geopolitics
Social unrest unnerves financial markets .............................. 13
Asset classes
Equities: Be patient, but alert ............................................... 15
Currencies: Growth slump promises turbulence ................... 18
Fixed income: Government bonds likely to continue
drifting apart ....................................................................... 21
Non-traditional asset classes:
Hedge funds ........................................................................ 23
Listed real estate .................................................................. 23
Commodities ....................................................................... 24
Private equity ....................................................................... 24
Financial market performance .............................................. 25
Selected UBS WMR publications .......................................... 26