John Linehan, director of U.S. Equities for T. Rowe Price, recently presented his 2013 Investment & Economic Outlook to the Princeton Club of New York.
Linehan is somewhat flummoxed by the strong performance of global markets given tepid U.S. growth, vulnerability to adverse macroeconomic shocks from the E.U. or China, and lingering uncertainty caused by the Fiscal Cliff.
Looking forward, he sees 2013 as a "tug of war" between many material (and obvious) headwinds and tailwinds. But overall, he remains bullish, primarily because he believes "that valuation remains the key for U.S. equity market performance, and valuation is reasonable. Corporate fundamentals are improving."
What follows is a quick look at the state of the markets and what investors should look forward to in 2013.
Thanks to T. Rowe Price for giving us permission to feature this presentation.
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