文档介绍：GLOBAL
January 2004
2004 – The Year Ahead
Key Macro Drivers, Investment Implications
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2004 – The Year Ahead – January 2004
2004 – The Year Ahead reports will be available on
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GLOBAL
2004 – The Year Ahead
8 January 2004
2004 – The Year Ahead
e to our annual Year Ahead report, which is different from past years. This
Candace Browning report is a collaborative effort by the professionals from our global macro team and
Senior Vice President is designed to be thematic in nature, crossing all regions and disciplines.
Head of Global Securities In reading this report, you will notice that certain investment outlooks and themes
Research and Economics are surfacing in 2004, including the increasing impact of global events on domestic
(1) 212 449-8340 investment activity. We believe the integration of global events will be a key factor
in investment decision-making in 2004. Investors should not rely solely on local
market information to make investment decisions. The growing importance of China
and emerging markets is expected to influence all markets. We think that central
bank policies, at least in the first half of the year, will continue to provide liquidity,
creating an environment where lower-quality investments will continue to
outperform. Nevertheless, high-quality, high-dividend-paying global stocks should
not be overlooked.
This Year Ahead report is consistent with the direction our Research dep