Perspectives Newsletter: Q1, 2013
It was “risk on” in the US - in a stunning display of strength, and despite a plethora of concerns around the world, the S&P 500 and Dow Jones Industrial Average powered to new highs. Investors chose to focus on the deal avoiding the fiscal cliff, signs of economic recovery, increasing profits, and the accommodative Fed. US markets led the world, and developed markets in general far outpaced emerging markets. Individual investors (including a growing number of foreigners) returned to US-focused equity funds in force, adding to the upward momentum.
