Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Is It Time To Be More Constructive On Emerging Market Equities?: The U.S. dollar is overvalued by medium-term valuation metrics, and a weaker dollar could be a potential tailwind for Emerging Markets over the next few years.
  
• Market View — Coming to America: What the Foreign Investment Surge Means for the U.S.: America's manufacturing base is on the cusp of a transformational do-over, and foreign firms want to be part of the action.
  
• Thought of the Week — What is the Problem with Bad Breadth: Market breadth is an indicator of how many stocks in an index are participating and moving in the same direction as the overall index.