1/8/2013

Investment banks' and hedge funds' predictions for 2012 almost invariably turned out wrong. One reason is that they paid too much attention to global macroeconomic events and didn't focus on how government actions would affect markets. "Instead of looking at what's going on around them, they were letting these macro events cause fear to creep into the equation," said Jeffrey Saut, chief investment strategist at Raymond James & Associates.

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