We present 6 key themes to provide a roadmap for investors in the coming year:

Markets: You’re Going to Need a Smaller Boat 7

Bonds: From TINA to TARA 10

Economy: Can We Cool Without Freezing 13

Inflation: Tale of Two Years 16

Federal Reserve: I Thought We Said Don’t Fight the Fed 19

Earnings: Under Pressure

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Equity

Fixed Income

Real Assets

Alternative Assets