Global Macro & Strategy Outlook: Restructuring Not Recovery

The theme for 2010 is restructuring not recovery. A recovery implies a return to what existed before, in this case global markets before the Credit Crisis. In the opinion, this will not happen. By the end of 2010, investors will look at a global investment landscape vastly different than what existed prior to 2008 along with new macro economic fundamentals. The new landscape will be driven by growth shifting from the G20 to Emerging Markets, specifically countries relying on demographics and domestic consumption, not exports, for growth.