What to expect in the New Year
Happy New Year! We wish you and your family a healthy and joyful 2012.
It is hard to predict what will happen in 2012. History has told us that those who attempt to forecast the
future usually fail. Our best judgment is that uncertainties in Europe will persist for longer than most
people had anticipated. As for China, we believe it is very difficult to predict how successful its policies
will be in engineering an economic “soft landing.”