Strategy and Economics
Europe
4 Europe Strategy
Valuations Not Cheap Enough to Ignore
Fundamentals
Ronan Carr, Teun Draaisma
6 Europe Economics
Bottom Fishing
Elga Bartsch
Global
8 US Equity Strategy
Remember the Time: When Valuation & EPS
Mattered
Jason Todd, Naseh Kausar
10 US Economics
Perfect Consumer Storm Not Over
Richard Berner
12 US Credit Strategy
PPIP on the Radar
Rizwan Hussain, Gregory Peters, Adam Richmond

14 US Interest Rate Strategy The Path of UST
10-Year — Exploring the Link Between QE and
TALF
Jim Caron, William McGraw
16 Equity Derivatives Strategy
The Bond Between Both Markets
Sivan Mahadevan, C. Metli, C. Kober, P. Singh, V.
Hjort, P. Schoenhuber
18 Commodity Strategy
Marking to Market — But Still Bearish
Hussein Allidina, Seth Kleinman
20 Japan Economics
Why the Yen Should Strengthen
Robert Alan Feldman
22 Japan Economics Concerns About Japan’s
Country Risk Are Overdone
Takehiro Sato, Takeshi Yamaguchi
26 Japan Economics
New Wave of Capacity Restructuring Looms:
March Tankan
Takehiro Sato

28 Global Banks
Outlook for Global Wholesale &
Investment Banking
H. van Steenis, B. Hamilton, C. Egea, B. Graseck, C.
Pate, T. Moynihan, J. Davies
66 Vodafone Group
Not So Cyclical: Upgrade to OW
Nick Delfas, Terence Tsui, Luis Prota, Fred Boulan,
Chris Fremantle
58 Ericsson
4 More Reasons for Caution
Patrick Standaert, James Dawson, Ashish Sinha