Salient to Investors:

  • Pundits calling for a huge decline in equities are either the absolutely certain types, who have stuck to their prediction for years, and the less media-savvy academics and heads of research at big investment firms who see a decline but after the market goes higher.
  • The last set of economic “reasons” for global markets to implode did not lead to that result.
  • Emerging bonds are back in vogue among big investors. Emerging country stock markets are pushing gains well into the double digits.
  • The US stock market could easily rise for a number of unknowable reasons, including late-arriving investors, Fed pronouncements, and a stronger economy.
  • Owning a diversified portfolio of global index funds benefits from all trends, all the time, regardless of underlying economies or investor sentiment, because a re-balancing strategy would have cashed out gains in up markets for investment in down markets.

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