Global equities have enjoyed a very strong start to 2012, rising by about 11 per cent year-to-date. This of course has been driven mostly by the improvements in the eurozone debt crisis and in the US labour market, which have raised hopes of stronger growth in global GDP in coming quarters. But on a longer-term view, equities remain in the doldrums. Relative to government bonds, equities in the developed economies have given negative excess returns for more than a whole decade, which is an extraordinary state of affairs in a free market economic system. Read more
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