Many Americans made more money in 2013, thanks in part to last year’s soaring equity market and continuing economic recovery. Partly as a result, however, many Americans will be writing bigger checks to Uncle Sam come April 15. Here are the three things most people overlooked in anticipating their 2013 tax bill:
For many years, the rise of the middle class in emerging markets has captivated the imagination of investors. We think this is an illusion. It’s the working classes who will be the real engines of consumer growth in developing countries.
After tremendous growth over more than a decade of strong returns, risk-parity strategies have recently been struggling. Has the market run-up exposed a fatal flaw? We don’t think so.