Investment Commentary on the Fourth Quarter 2011
2011 was a volatile year in the global economy. Unrest and uprisings in the Middle East drove oil prices higher early in the year. Japan was hit by an earthquake, a tsunami and a nuclear disaster, which disrupted supply chains around the globe. Political gridlock and inept politicians brought the U.S. government to the brink of shutting down, and Standard & Poor's downgraded the United States from AAA.
Not to be outdone, politicians in Europe failed to provide the leadership needed to create lasting structural reforms and calm market fears over their sovereign debt ...




