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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. |
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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 less well. |
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