It has already started, it has been happening for some time and we do not believe that there is anything at this point that will reverse the direction global markets are moving.   There is a fundamental shift that is occurring where the “Emerging Markets” are gaining in global prominence and the developed economies of North America and Western Europe are declining. 

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Over the last several months, as we have been meeting for our client reviews, we have been highlighting the gains that we have been generating in the fixed income portion of your mutual fund portfolios.  To many, it might actually seem counterintuitive to have 6% to 8% returns in fixed income position when yields, at least on the government bond portion of the