We have been anticipating 3 scenarios to play out around the world over the next 3 to 5 years. Now, given the rapidity of change and the globalization of human psychological responses, we must add a fourth - Stop/Go/Stop. As we explain, it all depends on the depth and breadth of 3 separate readjustments that are unfolding at present. But before reviewing these factors and probing the future, first a brief look back.

Global Investment Outlook