In it, he offers 11 guesses about 2012.
From his note:
One thing for sure we can say about 2012 is that there will be no shortage of things to think about. In some ways, for the discerning analyst and the ambitious alpha generating fund manager, you couldn’t wish for a better environment. The only dilemma is that it is probably quite easy to get something(s) wrong!
'We won't all talk about Europe quite as much next year as we have in 2011, although I suspect that, in the first few weeks of the year, it might seem like it. Europe will still be called Europe, and with a bit of luck, it might go back to being as dull as it usually is. (especially with Man United out of the Champions League)'
'As I have said in the past few weeks, the EMU cannot survive without Italy in it, and Italy cannot survive with 6-7 pct 10-year bond yields. In that regard, the stage that this crisis has moved in recent weeks is both scary and exciting. Take your pick as to which one you wish to explore (if not both).'
'The Yen is more likely to see Y100 than Y60, and I suspect Y100 is quite likely (although I thought that about 2011 too). In fact, if we can clear the Y79.50-80.0 area, it is rather probable.'
'There are plenty of economic, political, social and policy risks for 2012. They are not all negative. It
is quite conceivable that not only the US will continue to surprise on the upside, but others could too. This includes some of the BRIC and other Growth Markets like Brazil and even India -- where it is ever-so-fashionable to now think the days of licence Raj and Hindi weak growth are back.'
'The MIST will continue to hover around the BRICs...As some observers have noticed, the other 4
countries that we define as Growth Markets -- Indonesia, South Korea, Mexico and Turkey -- can also be expressed in the form of a nifty acronym. And, they are rather interesting places, with all 4 having something to offer. Right at this moment in time, they don't seem to have the same specific issues as each of the BRICs, but they are not quite as important for the rest of us. However, all 8 countries put together are going to become more and more important for the ongoing evolution of the world economy and markets.'
Business Insider Emails & Alerts
Site highlights each day to your inbox.