Sean Daly

believe international allocation is essential to optimizing portfolio growth, but unlike other firms we see the next decade as a period of devolving international consensus and unique economic strain that will alter the present approach to global risk management. From late 2008 to 2011, central banks worldwide put a total of $5 trillion dollars into the world economy. China’s package alone mainlined $586 billion into new capacity, real estate, and shiny high speed rails in what might be considered one of the more focused efforts in history. When QE2 ended in late June, that period of governmental stimulus “officially” ended. The “post-stimulus era” of the coming years will challenge institutions worldwide. It will permanently affect how the markets assign and gauge risk, particularly political risk, and force a reappraisal of what are acceptable investment opportunities.