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    • Capital Formation and the Fiscal Cliff

      In today's economic environment, we often complain about volatility and uncertainty, but there is one thing I think we can be fairly certain of: taxes are going up. I constantly try to impress upon my kids, most of whom are now adults, that ideas and actions have consequences. In today's letter we will look at some of the consequences of an increase in taxes. Please note that this is different from arguing whether taxes should rise or fall. For all intents and purposes that debate is over. As investors, our job is to deal with reality. We must play the hand we are dealt. Taxation is a complex issue, but let's see if a few word pictures can help us understand what we face.

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    • The Case for Going Global Is Stronger Than Ever

      In This Issue:

      The Case for Going Global Is Stronger Than Ever
      The US Markets Are Still In Trouble
      Undercapitalization
      Emerging Markets Still Undervalued
      Global Capital Shift Is Accelerating
      The Biggest Growth Will Be in the Most Obvious Places (and Sectors)
      Conventional Diversification Won’t Cut It Any Longer
      Risks (and there are plenty)
      Maine and QE3, Operation Twist, etc.?

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    • Capital Keeps Falling on My Head

      Introduction Are we overbought and overvalued? Maybe. Is inflation coming under control? Maybe not. Did housing construction rebound last month? No. The only rebound was in the statistics. (I know readers will be shocked to learn that some statistics...