10 investment ideas for 2013:
1. Companies over countries (redux)
2. Buy neglected US multinationals
3. Buy small-cap Tech stocks
4. Add exposure to European equities
5. EM: stay long the consumer & scarce yield
6. Buy higher-beta credit sectors, especially financials
7. Focus on high-yielding sectors in munis
8. Long precious metals
9. Buy assets tied to US housing recovery
10. Continue to hedge risk (esp. in 1Q13)
10 key macro calls for 2013
1. The global economy grows 3.2%, gradually improving through the year
2. G3 policy: monetary stimulus and fiscal austerity
3. The US housing recovery builds momentum
4. Flares, not wildfires, in Europe
5. China will lead EM growth
6. Global equities will be the best performing asset class
7. The S&P 500 will reach 1600 – a new all-time high
8. US IG credit will offer low returns: look to HY and international
9. Government bond yields will rise modestly
10. Gold will rise to $2,000/oz
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