Developed market (US say) GDP rises prompting a reversal of quantitative easing, interest rate and fiscal policy. Domestic equities could rise or fall depending on sentiment at the time. Rates rise. The impact on emerging markets many of which operate a dirty float is that monetary conditions tighten substantially causing emerging markets to fall

The SEC and the FSA are some of the most sophisticated and well resourced regulators in the world. They have to be, they deal with the nice people over on Wall Street and the City. 

Post Mortem: At the beginning of 2009 I wrote down my investment expectations and outlook. Why I do that at the beginning of the year I don’t know. It’s just an arbitrary point in time. Be that as it may, I am hereby repeating that irrationality by coming up with my expectations for 2010. 2009

  The SEC and the FSA are some of the most sophisticated and well resourced regulators in the world. They have to be, they deal with the nice people over on Wall Street and the City. These days that’s extended to Connecticut and Mayfair respectively. Yet the number of frauds and bad things that seem

2009 was an interesting year in a different way that 2008 was an interesting year. In 2008 we thought that financial markets would disintegrate. In 2009, equities rallied, credit spreads tightened, the TED spread and LIBOR tightened while commodities recovered and emerging market sovereign bonds saw robust demand. Low risk developed world government bonds fared