The equity market finished 2013 at an all-time high; the major averages were up over 30%, fueled by central bank liquidity and the expectation of a 2014 economic acceleration. While most investors are optimistic, we continue to believe the stock market offers an extremely poor riskreward, is poised to provide below-average, long-run prospective returns and is vulnerable to a significant decline (30% or more).

Equity Market Outlook