International Equity

Quarterly Letter

Exclusive

2014 and the fourth quarter have been defined by a continued climb in international equity markets, a collapse in commodity prices, and a further reduction in government bond yields, many of which have actually fallen below zero. We believe these conditions are unsustainable. Having enjoyed an almost uninterrupted ascent from the 2009 bottoms, markets may be entering a more turbulent environment, asconsequences associated with volatility in commodities, the economic slowdown in China, and the geopolitical developments in Europe, Russia, and the Middle East garner greater attention.

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