Salient to Investors:

Jay Peloski at Itau said global equity market leadership is shifting from the US to the non-US developed markets.

Guillermo Felices at Barclays said European and Japanese equities have more room for earnings improvement.

Based on forward estimates, earnings growth in Europe is 46%, in Japan is 32%, and in the US is 6%, yet US stocks are up 40% over past 5 years versus Europe and Japan up 10%.

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