“The most reliable way to anticipate the future is by understanding the past.”
-JOHN NAISBITT, Megatrends Author

Special message: First, Happy New Year to all! Based on our clients’ investment results for 2010, it was certainly a happy old year. We’d be thrilled to see anything approaching those returns in 2011.

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“Could or would a state default? Not really―Illinois is probably in the worst shape, and there are states that I would avoid but basically the states are not going to default in Pimco’s opinion.”

-Bond guru Bill Gross

POINTS TO PONDER
By David Hay,

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“Indeed, the euro must still be one of the greatest shorts out there—what sort of credibility can the currency possibly have when the Irish banks managed to pass those European stress tests last summer?”

– DAVID ROSENBERG, prominent economic strategist

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POINTS TO PONDER

1. 

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“Pessimism is so often wrong because people assume a world where there is no change or innovation. They simply extrapolate from what is going on today, failing to recognize the new developments and insights that might alter current trends.”
-Bill Gates

POINTS TO PONDER

1.

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“The US as a net debtor is one of the oldest canards.”
-GaveKal Research’s Charles Gave

POINTS TO PONDER

1. Due to both a negative reaction to the Fed’s second round of quantitative easing (QE II) and this week’s surprisingly pro-growth tax proposals by President Obama,