Global Diversification Roars Like a Lion in the First Quarter

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  • Domestic large cap indexes have lagged as oil prices and dollar strength weigh on giant multinationals.
  • The negative impact of normalization has outpaced the expected benefits, a trend likely to be evident in first quarter earnings.
  • Earnings in the energy sector are expected to drop precipitously, and the abandonment of new projects could impede future growth.
  • Tighter U.S. policy combined with rampant easy money globally may be a game changer for asset allocation strategies.

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