目录
Uncertainty remains 3
Sovereign concerns created another volatile quarter 3
Uncertainty remains 3
Our current allocation: Near term neutral, longer term pro-risk 4
Equities: Neutral near term, overweight long term 6
Themes and basket implementations 9
Our sector views 10
Commodities: More room to navigate in 2012 12
Corporate Credit: A stormy but relatively safe harbor 16
Government Bonds: Growth shifts and credit shifts 20
FX: Higher EUR/$ medium to longer term, lower very short term 24
Disclosure Appendix 28