Archive for December, 2012

Larry Schneider Selected For "2012 Philadelphia Select Wealth Managers"

Larry Schneider of Linwood, NJ, has been honored with a recognition by Philadelphia Magazine in its selection of 2012 Philadelphia Select Wealth Managers.”

LINWOOD, N.J., Dec. 31, 2012 /PRNewswire-USNewswire/ — Announcing a special recognition appearing in the November 2012 issue of Philadelphia Magazine published by Metrocorp, Larry Schneider was selected for the following honor:

“2012 Philadelphia Select Wealth Managers.”

(Photo –

Larry Schneider commented on the recognition: “This is quite an honor for me. The fact that Philadelphia Magazine included me in its selection of 2012 Philadelphia Select Wealth Managers,” signals that my constant effort to deliver excellent work has paid off. It is gratifying to be recognized in this way.”

About Larry Schneider: a short profile by and about the honoree:

I’m passionate about financial planning. At Ameriprise, our unique and collaborative Dream Plan Track ® approach to financial planning starts with your dreams, not just the numbers. Working with you, I’ll take the time to understand every aspect of your current financial situation, listen to your dreams and aspirations and explain your options to help you make informed choices. I’ll create a plan to help accomplish your short and long-term goals and provide an ongoing review of your plan to help keep you on track as your financial situation and needs change.

Following the publication of Larry Schneider‘s selection for Philadelphia Magazine‘s 2012 Philadelphia Select Wealth Managers list, American Registry seconded the honor and added Larry Schneider to the “Registry of Business Excellence™”. An exclusive recognition plaque, shown here, has been designed to commemorate this honor.

For more information on Larry Schneider, located in Linwood, NJ, please call 609-653-0052, or visit

This press release was written by American Registry, LLC with contributions from Larry Schneider on behalf of Larry Schneider and was distributed by PR Newswire, a subsidiary of UBM plc.

American Registry, LLC is an independent company that serves businesses and professionals such as Larry Schneider who have been recognized for excellence. American Registry offers news releases, plaques and The Registry™, an online listing of over 2 million significant business and professional recognitions. Search The Registry™ at

Contact Info: Larry Schneider Phone: 609-653-0052 Email Address:

SOURCE American Registry

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Monday, December 31st, 2012 EN No Comments

Stocks to Boost Portfolio Growth

This transcript is automatically generated

It’s eight hours 34 minutes before we hit that fiscal cliff that work.

Tech stocks right now — putting that aside for two seconds here with — black scotches Beverly Hills wealth management founder and CEO.

She just said she feels that you should have Costco issued a target you — of Wal-Mart in — now let’s go to another name that you say is a great US play on what might have stayed.

in in the — growing yes and that’s Starbucks Starbucks a great American company everybody needs a good cup of coffee.

In China there’s only one stop hunts for every one point nine million inhabitants can you believe that what we have one basic and every — so this tremendous opportunity today.

You’ve got the coffee — they excuse me the T grows in China a lot of them announced switching to — Because — Starbucks so that’s a double play for you.

But we like Starbucks a lot he again it’s an — I think the Chinese don’t even know what — the chain of tasteless we like — time that Boe might argue they will absolutely find out and look at China now — to pharma companies as I move on what do you think are the big names here because we’re all getting older we all need more medicine.

We do and we’re going to be buying I think I modifies.


And Bristol — those of the two picks that we have Pfizer is around.

2425 dollars and — personalized about 31.

And they have in common a new blood — drug called Al quits and everyone’s very very excited about that — developed it.

And Pfizer will be marketing — so we think — huge opportunity that.

All of the stock so we talked about today — have got options against some two.

So it’s another way in a do nothing market not that today is — do nothing market that you can generate additional income.

By selling some covered calls against them.

Good advice Mac go on this December 31 to 2012 happy new year to you — you — due to — that and that blacks got Beverly Hills wealth management founder and CEO.


Monday, December 31st, 2012 EN No Comments

Steven T. Merkel Joins Firm

Paul F. Ciccarelli, Vice President of Ciccarelli Advisory Services, Inc. is pleased to announce that Steven T. Merkel, has joined the firm as a Financial Advisor in our Bonita Springs office.

Steve has over 14 years of experience in portfolio management, estate planning, risk management, tax strategies, private wealth management, and personal financial planning. Prior to joining CAS, Steve was a Chief Compliance Officer and Portfolio Manager for a registered investment advisory firm located in Miami, FL. More recently, Steve was Senior Vice President and Portfolio Manager with a local investment advisory firm where he was responsible for new business development and portfolio management of client assets. Prior to his career in financial services, Steve accomplished 11 years of distinguished service in the United States Army serving with the 10th Mountain Division out of Ft. Drum, NY and the Air Defense Artillery Corps as a Stinger Missile Commander.

Steve is a registered representative of FSC Securities Corporation and has his Series 7 66 securities registrations. He holds the prestigious CERTIFIED FINANCIAL PLANNER™ practitioner designation and is a Chartered Financial Consultant as designated by The American College. He holds a Bachelor of Science in Business Administration with a concentration in finance from Shippensburg University of Pennsylvania. In addition, Steve is a graduate of the United States Military Academy, FL where he was appointed as a Commissioned Officer.

Steve has been featured and quoted in numerous publications including: The New York Times, Business Week, Consumer Reports, Investment News, Financial Planning Magazine, and Fidelity’s Stages. Additionally, Steve is a frequent contributor of published articles for websites such as and In 2007 and 2008, he co-hosted the talk radio show “The Wealth Strategist” on WGUF 98.9 FM which aired on Saturday Sunday mornings.

As Financial Advisor, Steve joins a team of advisors who have served the Bonita Springs and Naples communities for over 29 years. CAS was founded on the premise that its recommendations to clients are based on their needs, placing family values as a top priority. The firm provides comprehensive financial planning services including financial management, tax planning, estate solutions, long-term care solutions, portfolio design and monitoring, family meetings, and education. CAS is a family-owned comprehensive financial planning firm with offices in Bonita Springs, FL, Naples, FL and Rochester, NY.

For more information about Ciccarelli Advisory Services, Inc., please call 239-495-2242, email , or visit


Monday, December 31st, 2012 EN No Comments

Interview: Derek Stewart, head of Strategic Asset Managers, on preparing for a …

Derek Stewart is preparing for a challenging year in more ways than one. His business is readying itself for the biggest shake-up in the independent financial adviser (IFA) sector for a generation, and he is also fighting fit for a series of gruelling long-distance runs.

While his two firms, Strategic Asset Managers and SAM Wealth, prepare for today’s launch of the fee-based era for IFAs, he is training hard for the five-and-a-half marathons he will run in seven days across the Sahara Desert in April.

He is asked how he can train in cold, wet Scotland for the kind of heat he will face in Africa. He smiles, acknowledging the contrast in weather conditions, but he is well used to tackling the toughest of sporting tests at a senior level. Stewart is a former professional tennis coach, a triathlete and also practised martial arts. He believes in pushing himself to the maximum, a philosophy he takes into his business life.

“I like being with creative people who get things done,” he says. He also likes to be ahead and set up Strategic Asset Managers in 2001 with a model designed for the changes that are about to come into effect.

Under the retail distribution review (RDR), advisers will no longer be incentivised by commissions from product sellers but will charge clients a fee. It has been long in coming but it is expected to bring about big changes in the sector as IFAs restructure and some decide not to continue.

“I set up the firm [SAM] 12 years ago thinking this would happen,” says Stewart. “I didn’t expect it to take 12 years, but at least we have had time to be ready.”

The purpose of the change is to bring about greater transparency in charging and improve the level of professionalism.

The Financial Services Authority (FSA), which instigated the review, was unhappy that advisers could effectively conceal commissions paid by providers to IFAs for selling their products. Customers had little idea about how much they were paying and there was a clear contradiction between “independent” financial advice and the practice of selling products on this basis.

However, it is widely assumed that there will be fewer IFAs as a result of the shake-up. While the FSA estimates that fewer than 10 per cent of the 37,000 in the UK will leave the industry, others – such as Ernst Young and Standard Life – reckon that just 20,000 will remain, the former claiming it will take three years to settle at that figure, and Standard Life believing it will be reached as soon as this time next year.

Stewart recognises some of the weaknesses in the review, particularly the extent to which the public understands what is happening, but generally he is a big fan of RDR.

“The thing I love is that it separates distribution from manufacture where remuneration has been agreed until now. It allowed providers to take 7 or 8 per cent commission. RDR has said that relationship has gone. I am a fan of RDR because it puts the customer in charge and will get rid of some of the dross.”

However, he is concerned that the public may be confused by the new structure which creates two tiers of adviser. “The bad news is that they talk about transparency when there are questions about whether the customer knows what they are dealing with,” he says.

The potential confusion arises in the distinction between those advisers that will be truly “independent” and others who will be termed “restricted”. The former will operate properly on the basis of being free to offer advice across the whole range of products, while the latter will continue to have some sort of tie to providers.

However, there are examples of companies that will provide a sort of hybrid service, promoting in-house products but also selling products on a “best of breed” basis from the wider market. Under the FSA rules, all advisers will need to inform their clients beforehand on what basis they are operating.

Stewart believes the two types of adviser will encourage some independents to go restricted because they will not have the level of research required and there are greater risks attached to independent advice. As a result, there will be more restricted firms.

Another cause of concern is whether advice will become an activity for the better-off. The FSA did not like hidden commissions which gave the impression that advice was free when, in fact, they were part of the management charges. But because they were spread over the life of a policy, the customer often did not know how much was being paid or was happy to pay as there was no up-front bill. With a fee-based system, clients will know exactly how much they will be paying and some may decide not to bother or decide they cannot afford it.

“Yes, there will be an advice gap,” admits Stewart. “This has been called middle class legislation.”

His own firm deals with individuals with a minimum investment of £100,000, though that is not regarded as the top end of a wealth management market that has swollen in recent years with a number of players moving in to Scotland.

Getting advice to the man in the street will be a big test of the new rules.

Stewart hired Kenny McKenzie from Intelligent Capital to help him launch SAM Wealth in August. He says they share a vision of where the industry is going. He recently plundered the same firm to hire David Oliver as a partner. Oliver is a chartered financial planner.

“It is the gold standard, as rare as hen’s teeth,” says Stewart. “I want people with that standard.”
There are now six staff at SAM Wealth which is an appointed representative of Strategic Asset Managers, the FSA regulated firm. Altogether, they have almost £100 million of funds invested and he admits that some IFAs have described themselves as fund managers.

“For years, IFAs have pretended to be fund managers. I am an adviser. I am a planner. The line between IFAs and fund managers has been blurred because they make investment decisions on behalf of the client. But what qualification does an IFA have to be a fund manager or the other way around?”

His firm does not rely on external fund managers or insurance companies for advice because it wants to be truly independent, he says.

Justin Urquhart Stewart, the London-based investment guru, is a big fan of Stewart’s firms and culture. “He likes our due diligence and corporate governance,” Derek Stewart says.

He has been able to build a significant foothold in the London market, largely by playing the canny Scots money manager card which still applies in spite of what happened to the Scottish banks in the financial crisis.

He says consolidation in the sector is likely to result from RDR and that he would look at it. “But you can end up cleaning up other people’s mess,” he says.

When he entered the business in 1978, the term IFA did not exist and advisers acted as tied agents.

He worked for Legal General and then Noble Lowndes, which became the biggest IFA in Britain.

However, the firm went through a series of restructurings and after the fifth in five years which he felt left the client worse off each time, he decided to leave and set up his own business.

He believes the changes now being brought in will benefit the client.

“It will bring about more professionalism and the IFA will need to have a proposition that the client is prepared to pay for,” he says.


Monday, December 31st, 2012 EN No Comments

Morgan Stanley Wealth Management Introduces LGBT Initiative [Manufacturing …

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ProQuest Information Learning

Morgan Stanley announced that it has launched a LGBT (Lesbian, Gay, Bisexual and Transgender) initiative, which provides Financial Advisors with wealth planning tools, business development and marketing resources designed specifically for LGBT prospects and clients.

“In today’s ever-changing financial and legal environment, it is important for LGBT couples to work with a wealth management organization that specializes in LGBT wealth planning issues,” said Douglas J. Ketterer, Head of U.S. Field Management.

According to a release, a new client educational resource – LGBT On Your Terms – is available to help same-sex couples understand the factors that are likely to affect their family’s finances and long- term plans.

Details are being made available to Financial Advisors about the Accredited Domestic Partnership Advisors (ADPA) program, a professional designation which equips advisors to meet the unique financial planning needs of couples who are considered to be unmarried under either state or federal law, or both.

The Firm’s Diversity Council, a 19-member group of Financial Advisors and branch managers who meet periodically to advise management on diversity issues, contributed to the development of this initiative.

Morgan Stanley is a financial services firm providing a range of investment banking, securities, investment management and wealth management services.

More information:

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Sunday, December 30th, 2012 EN No Comments

Evercore Wealth Management Closes Acquisition Of Mt. Eden Investment Advisors

Evercore Wealth Management, LLC, a subsidiary of Evercore Partners Inc. (EVR: Quote) announced the completion of its acquisition of Mt. Eden Investment Advisors, LLC, a San Francisco-based wealth management firm, under the terms of the agreement announced on November 7, 2012.

Evercore Wealth Management said it now has 27 partners serving high net worth individuals, families and related institutions across the United States, including seven partners based in the San Francisco and Los Angeles offices.

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Saturday, December 29th, 2012 EN No Comments

Evercore Wealth Management Completes Acquisition of Mt. Eden Investment …

Evercore Wealth Management Completes Acquisition of Mt. Eden Investment Advisors

NEW YORK–(BUSINESS WIRE)– Evercore Wealth Management, LLC today announced that it has completed the acquisition of Mt. Eden Investment Advisors, LLC, a San Francisco-based wealth management firm, under the terms of the agreement announced on November 7, 2012.

Evercore Wealth Management now has 27 partners serving high net worth individuals, families and related institutions across the United States, including seven partners based in the San Francisco and Los Angeles offices.

About Evercore Wealth Management

Evercore Wealth Management, LLC, a subsidiary of Evercore Partners Inc., serves high net worth individuals, families and related institutions, delivering customized investment management, financial planning, and trust and estate services. Evercore Wealth Management is a registered investment advisor with the U.S. Securities and Exchange Commission, with offices in New York, Minneapolis and San Francisco. The firm, which was founded in November 2008, manages client assets totaling $3.8 billion as of September 30, 2012. It completed the acquisition of Mt. Eden Investment Advisors, LLC on December 28, 2012; Mt. Eden Investment Advisors has $645 million in client assets as of September 30, 2012. Additionally, Evercore Wealth Management offers personal trust, estate and custody services to its clients though Evercore Trust Company, N.A., a national trust bank with $33.2 billion in assets under administration, as of September 30, 2012. More information about Evercore Wealth Management and its team of advisors can be found at

About Evercore Partners

Evercore Partners is a leading independent investment banking advisory firm. Evercore’s Investment Banking business advises its clients on mergers, acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions and also provides institutional investors with high quality research, sales and trading execution that is free of the conflicts created by proprietary activities; Evercore’s Investment Management business comprises wealth management, institutional asset management and private equity investing. Evercore serves a diverse set of clients around the world from its offices in New York, Boston, Chicago, Houston, Los Angeles, Minneapolis, San Francisco, Washington D.C., Toronto, London, Aberdeen, Scotland, Mexico City and Monterrey, Mexico, Hong Kong and Rio de Janeiro and São Paulo, Brazil. More information about Evercore can be found on the Company’s website at

Kensington Private for Evercore Wealth Management and Mt. Eden Investment Advisors
Aline Sullivan, 203-918-3389
Evercore Partners
Robert B. Walsh, 212-857-3100
Chief Financial Officer

KEYWORDS:   United States  North America  New York



Friday, December 28th, 2012 EN No Comments

January – Briefs/People

December 28, 2012

American Campus Communities Names Talbot CIO

William Talbot

American Campus Communities has promoted William Talbot to chief investment officer. He will be tasked with providing strategic direction and executive oversight of the student housing REIT’s investment platform. This includes all acquisition and development activity, as well as dispositions and asset management.

Talbot has served American Campus Communities for more than 11 years, most recently as executive vice president of investments. He joined the group as director of investments in 2001, when the company’s total assets were approximately $250 million. The Houston-based company is now the largest owner of student housing communities in the United States, with $4.5 billion in gross assets.

McCarthy Promoted to Senior Managing Director at Hines

Mary McCarthy has been promoted to senior managing director in Hines’ San Francisco office. She joined the company in 2006 as a member of the capital markets group and recently closed Hines Russia Poland Fund and Hines U.S. Office Value Added Venture III. She is responsible for maintaining relationships with major U.S. pension consultants and investors, and is a member of the firm’s capital markets committee.

Sidor Joins Cassidy Turley

Carolyn Sidor has joined Cassidy Turley as senior managing director for market development. She will lead the brokerage operations as well as Cassidy Turley’s practice groups, including data center solutions, hospitality, law firms, food and beverage facilities, net lease investment properties and life sciences. Sidor will also lead the firm’s customer relationship management team in developing and implementing CRM tools, and will work with Cassidy Turley COO John Fleury to target and prioritize MA opportunities and to align IT, marketing and research strategies for growth in local markets. She will be based in Boston.

Avison Young Opens Irvine Office

Avison Young has continued to expand its U.S. footprint with the addition of a fifth location in the Southern California region. The independently owned firm just set up shop in Irvine, Calif. The office will be managed by Alan Pekarcik and Daniel Vittone, longtime players in California commercial real estate who joined the firm from Voit. Combined, the two industry experts have completed industrial and office investment sales and user transactions exceeding 82 million square feet and valued at an aggregate $6.7 billion. Additionally, Avison Young grabbed John Pianta, also previously with Voit, to serve as a senior financial analyst.

Behringer Harvard Hires Watt as EVP

Brad Watt has joined Behringer Harvard as executive vice president for net lease investments. The 25-year veteran of public and private real estate investment programs will be responsible for arranging and distributing a series of high-quality 1031 Delaware Statutory Trust and other private real estate wealth management programs. The net lease platform will be anchored by an investment strategy that focuses on high-quality single-tenant assets leased to investment-grade tenants on long-term double- and triple-net leases. Before joining Behringer Harvard, Watt served in an executive role with a national single-tenant developer.

Sofia Onboard with CW Retail Team

Jennifer Sofia has joined Cushman Wakefield Inc. as associate director for retail leasing services. Based in the firm’s East Rutherford, N.J., office, she will focus on providing occupancy solutions to owners. Prior to joining Cushman Wakefield, she served as asset manager for the property development division of Toys “R”Us Inc., where she managed a portfolio of owned and leased locations in the United States and Puerto Rico.

Prudential Promotes Collett to President of Asset Resources

Prudential Mortgage Capital Co. has named Hal Collett president of Prudential Asset Resources. He replaces Catherine Rodewald, who announced her decision to retire at the end of 2012. Collett will be tasked with the servicing and asset management operations associated with Prudential Mortgage Capital Co.’s commercial real estate loan portfolios, which are valued at $69.4 billion. He joined the company in 2002, and has served in multiple roles within asset resources. He was most recently vice president of asset management and credit surveillance.

Darragh to Oversee GCS in Canada, Latin America for CBRE

CBRE Group Inc. has appointed Alex Darragh to oversee its global corporate services business in Canada, Latin America and the Caribbean. His new role comes after working as the leader of the company’s global corporate services business in the central United States and Canada. Steve Quick will succeed Darragh as the new leader for the U.S. central division. Darragh joined Trammell Crow Co. in 2001 as the alliance director for the firm’s American Express account. Prior to CBRE’s acquisition of Trammell Crow, he was Crow’s international division leader.


Friday, December 28th, 2012 EN No Comments

Passive or Active Funds Overseas

The migration to passive investing continues. And the story remains the same: While assets flowed into index funds, investors fled actively managed equity funds. Some of the outflows may be due to performance.  Most active domestic equity funds have trailed the SP 500 lately.

But outflows from active foreign funds may not be connected to actual results. During the first ten months of 2012, the average international stock fund returned 11.9 percent, according to Morningstar. That was a percentage point better than such index funds as Vanguard MSCI EAFE ETF (VEA) and nearly two points ahead of Vanguard MSCI Emerging Markets ETF (VWO).

So why are investors dumping active international funds? Fear? The euro zone is enough to scare off any investor. And perhaps shareholders figure that the strong showing by foreign funds is a temporary phenomenon. Soon enough index funds will jump back into the lead. But history suggests that active international funds can continue their winning streak. During the past ten years, the average international stock fund returned 9.5 percent annually, almost two percentage points ahead of the MSCI EAFE benchmark.  

Part of the reason that investors have embraced the passive international approach may be connected to the success of SP 500 index funds. For decades, Vanguard SP 500 (VFINX) has delivered consistent returns, finishing in the top half of the domestic equity category during most years. Influenced by those results, investors figure that foreign index funds will also be winners. But the MSCI EAFE has proven to be a much easier benchmark for active managers to beat. The EAFE index has 22 percent of its assets in sluggish Japan and almost none in the high-growth emerging markets. So active managers have topped the benchmark by underweighting Tokyo and picking the right emerging markets.

Make no mistake, Japan could rally this year, helping EAFE to beat active managers. But Japan remains burdened by enormous debts and the costs of supporting an aging population. So odds are good that active managers will top the benchmark.

Whether or not their winning streak continues, some active funds could prove to be valuable holdings because they are less volatile than the benchmarks.  Such stable choices tend to outperform in downturns and provide shareholders with a smoother ride.

Managing Volatility

To improve your chances of success, consider a low-volatility fund with a record for beating the benchmark. Top choices include Tocqueville International Value (TIVFX), which returned 10.6 percent annually during the past ten years, outdoing 97 percent of peers in the foreign large value category. In the turmoil of 2008, the funded topped the EAFE benchmark by 8 percentage points. Portfolio manager James Hunt looks for unloved companies with solid balance sheets. The portfolio includes such rock-solid blue chips as Nestle and Swiss drug giant Novartis. “We avoid companies with significant problems,” says Hunt.  “We try to find companies that may be misunderstood or have temporary problems that can be fixed.”

These days Hunt is keen on global businesses that are based in Europe. Although they have growing sales in emerging markets, the stocks have been punished because of their association with the Eurozone crisis. “We want companies that will have good cash flows, even if there is no strong recovery in Europe,” Hunt says.

For an all-weather fund, consider MFS International Diversification (MDIDX), which has topped EAFE by 3.6 percentage points annually during the past five years.  The fund surpassed the benchmark during the downturn of 2008 and in the rally of 2009. To ensure that the portfolio can excel in a variety of market conditions, the portfolio managers put the assets into a broad collection of five MFS international funds. About 25 percent of assets go into MFS International Value and the same amount into MFS International Growth.  MFS Emerging Markets and the small-cap International New Discovery each have 10 percent of assets. The allocation remains fairly static. “We did some backtesting to determine the optimal mix of assets,” says portfolio manager Thomas Melendez.

The approach only works if the individual funds succeed—and all five of the funds have outdone the EAFE benchmark during the past 10 years. Few fund companies can boost such as strong lineup of international funds. Notable performers include the international growth and value funds, which each outdid the benchmark by more than 2 percentage points.

Another low-risk choice is Harding Loevner International Equity (HLMNX). The portfolio managers shun companies that can only thrive in good economic times. Instead, the fund focuses on consumer staples and other businesses that can report growth year after year. Favorite holdings include software companies that enjoy repeat business from customers who must make purchases in order to stay competitive. “We are looking for companies that can show durable growth for the next three to five years,” says portfolio manager Alec Walsh.

A holding is SAP, the big German producer of business software.  The company’s sales are reliable because it collects licensing fees from long-term customers. Besides supplying software, SAP also provides maintenance, a steady business.

Buffalo International (BUFIX) aims to find consistent growth stocks. The fund avoids cyclical commodities companies, focusing instead on reliable businesses in expanding sectors such as a health, technology, and consumer staples. The portfolio includes a mix of fast growers and companies that are growing at a slow and steady pace.

A reliable holding is Henkel, a German producer of haircare products. “This may never grow at a 20 percent rate, but it will show consistent topline growth and improving margins,” says portfolio manager Bill Kornitzer.

The ETF Route

Despite the strong showing of active funds, some conservative investors may prefer a low-volality ETF, such as iShares MSCI EAFE Minimum Volatility Index ETF (EFAV).  Though it has lagged the EAFE benchmark in recent years, the ETF has excelled in difficult markets. In 2008, the ETF outperformed the EAFE by 16 percentage points. When the EAFE lost 11.7 percent in 2011, the ETF about broke even. That kind of downside performance can appeal to clients who remain wary of uncertain equity markets.    


Friday, December 28th, 2012 EN No Comments

Uncertainty Continues to Reign Supreme


In this column last January, when asked to sum up the year in investing in one word, we decided on “uncertainty.” Given the same task this year, with the “fiscal cliff” still looming as of this writing and the outlook for the Euro remaining uncertain, we would have to choose the same term. However, while the one-year outlook remains questionable, the long-term view has come into clearer focus.


The Fiscal Cliff

Much of our current uncertainty is …


Friday, December 28th, 2012 EN No Comments