kore

Over the past three or four years a strange phenomenon has developed in the global investment markets. With some exceptions, many asset classes, in particular domestic and foreign equities, commodities, and foreign currencies have tended to move in the same direction on a day to day basis. The mega-correlation has lasted so long that most now take it for granted. This leaves investors with relatively simple choices: when to get in to the market in general and when to park assets in cash and U.S. Treasuries.

The %u201Clargest lie,%u201D wrote hisorian Howard Zinn who died yesterday at age 87, is that %u201Ceverything the United States does is to be pardoned because we are engaged in a %u2018war on terrorism.%u2019%u201D