FYI: This has been an exciting year for investors, but in a bad
way. First, we had the recession scare in January following
the second Chinese currency depreciation in six months and
oil fell to $25 a barrel, roiling credit markets. Then, the
Bank of Japan followed the European experiment with
negative interest rates, which called into question global
central banks’ ability to help in the event of a real
slowdown. Now, alas, we are faced with numerous political
hot potatoes—something that is hard to analyze from an
investment standpoint. The result has been the unfortunate
combination of higher volatility and little return for the year
to date
Regards,
Ted
http://www.morganstanleyfa.com/public/projectfiles/onthemarkets.pdf
