The past year was a great one for financial assets, with most asset classes giving strong positive returns. Equities globally were up almost 25 per cent, led by emerging market stocks which rose 38 per cent in dollars, and even bonds and treasuries delivered positive real returns.
All commodities except agricultural delivered strong returns as well, led by the industrial metals which were up by 29 per cent. We are currently in a sweet spot for financial assets, with global growth strong and synchronous and monetary conditions remaining benign. Both corporate and consumer ...
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