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Commentary
On the Microsoft – Nokia merger
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Equity multiples growing at fastest rate since dot-com bubble
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The market is not the economy
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Why the EM meltdown doesn’t change my positive macro view
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The emerging market economies are getting savaged
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Fed tapering moving hot money from EM to Europe
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Why the rise in US interest rates is capped
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The global cyclical recovery will continue
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The US market’s advance is predicated on multiple expansion
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The succession battle at the Fed and the Fed’s reaction function
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