Steven Roge, CFMC
Our investment thesis laid out this time last year was one of caution. We were receiving mixed signals from the market and economies. On one hand equity markets were coming off one of the best years in its history in 2009 and fixed income markets were hitting new highs too. The economy was still on the verge of deflation and very-low GDP growth. The fixed income markets were near all time lows in yield, which suggested many investors were still clinging to the perceived safety of U.S. Treasury Notes.