Must Read

Hat tip to (as usual) zero hedge for this link to Felix Zulauf’s outstanding global survey. This is by far the best summary of the global bubble situation that I have read.

 

In general, we expect another deflationary episode leading to systemic risks and economic disappointments. Hence, it is time to structure portfolios much more conservatively and put capital preservation ahead of aggressive return strategies. In contrast to last year, 2014 will hardly be a year with a powerful and easy trend to ride. Instead, it will bring much more volatility but also plenty of trading opportunities for flexible investors.

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