Fischer Francis Trees & Watts, Inc.

Global growth has slowed, and investors have adapted to the new, bleaker environment: consensus growth expectations have fallen sharply over the past six months, and incoming economic data—although often weak—is failing to generate much disappointment.

As 2011 comes to a close and we move into 2012, we expect continued below trend growth rates for the foreseeable future.

We expect that the current soft patch in global economic activity will come to an end and that there will be growing evidence of a modest cyclical reacceleration in global growth over the next few months. While inflationary pressures are…

At the present time, we are sticking to our previously identified themes of global rebalancing, exaggerated Emerging Markets (EM) inflation concerns, rising inflation expectations in developed markets and growing pressures for rate normalization.

Successful investment in 2011 will be as much about correctly reading the changing political and regulatory landscape as it will be about understanding macroeconomic developments.