Outlook on the financial markets and economy
While 2013 started off with some uncertainty, it turned out to be a fairly predictable investment environment. We do not believe 2014 will be that predictable and have compiled 17 articles to help guide you this year.
Read the complete book for investment ideas and articles based on four key themes:
- Global themes: 2014 is a crucial year in which the monetary-stimulus-fueled recovery must shift to one supported by accelerating organic economic growth and progress on structural reforms.
- Uncover scarce growth: The liquidity tailwinds that propelled the U.S. stock market in 2013 can’t be counted on in 2014. Also, finding growth opportunities in a post-QE world requires a broader set of tools.
- Redefining income: Income needs to play a larger role in portfolio construction; new thinking is needed to find that income. Though interest rate risk should be dampened in 2014 vs. 2013, caution is warranted and investors should consider exiting their “duration bunkers.”
- Maximizing after-tax return: Municipal bonds are one of the few remaining sources of tax-free income and despite headline noise, the broad municipal market is strengthening as underlying fundamentals improve.
The views expressed are as of the date given, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon, and risk tolerance. Risks include stock market fluctuations due to business and economic developments. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that any forecasts are accurate.
Columbia Management Investment Advisers, LLC and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
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