Q3 2010 Client Letter
Much like the opening of the Charles Dickens classic Tale of Two Cities we seem to be constantly battling the story line “It was the best of times, it was the worst of times.” On the one hand there is plenty of evidence of substantial economic growth in the emerging countries, but the economic news in the world’s developed countries is less rosy with little in the way of improvement. In fact, there is a growing trend to drop the term “emerging” from certain nations in favor of “growth” countries.