December’s publication summarizes two market outlooks for 2013. The first suggests that while the fiscal cliff poses a serious risk for consumers and investors, U.S. equities should see healthy returns due to a combination of earnings growth, reasonable valuations, and an improving macro backdrop. The second posits that events in global markets in 2013 will echo those in 2012, with quantitative-easing efforts continuing, stocks trading higher, and investors reluctantly moving from fixed income to equities.

• “U.S. Equity Outlook 2013: Public Sector Deleveraging” Barry C. Knapp et al., Barclays Capital, December 7, 2012
• “Cross-Asset Strategy, 2013: Transition Path” Gregory Peters et al., Morgan Stanley, December 12, 2012