A Strong Finish for 2013

Forourweeklysubscribers,wewantedtotakeanopportunitytolookbackontheyear.Webegan2013 withanoutlookfortheprospectofimprovementfortheglobaleconomyandriskassets.Wethoughtglobalpolicymaker’sunprecedentedattemptstoreflateglobalgrowthwouldshowsomesignsofbearingfruit, especially in the United States and China. In our forecast, equity markets would continue to be choppy in light of the fiscal cliff issues, but an inevitable political compromise would reduce the economic drag. We anticipated further progress toward the calming of the financial crisis in the Euorozone, even though the region remained mired in recession. Additional policy stimulus was likely in Europe and Japan. It did not appear corporate hiring and spending would boom, but the direction of change would likely be positive.

We also recognize that risks are always present. Further damage was possible from the political process in Washington, D.C. There were unresolved imbalances in the Euro union as well as unclear economic recovery in the emerging markets. And a constant overhang of debt deleveraging threats never seemed to disappear.

We end the year with anticipation for our new set of annual predictions which will be released soon, and we appreciate your continued support. Wishing you a wonderful holiday season and prosperity in 2014.

Best Regards,

Robert C. Doll, CFA

1 Source: Bloomberg, as of 12/20/13. 2 Source: MorningstarDirect, as of 12/20/13. 3 Source: Bank of America/Merrill Lynch, December 2013. 4 Source: FactSet, GICS® sectors, as of 11/30/13. 5 Source: Bloomberg and Jefferies, as of 11/30/13. 6 Source: Congressional Budget Office, “Updated Budget Projections: Fiscal Years 2013 to 2023,” May 14, 2013, www.cbo.gov.


The views and opinions expressed are for informational and educational purposes only as of the date of writing and may change at any time based on market or other conditions and may not come to pass. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person. All investments carry a certain degree of risk and there is no assurance that an investment will provide positive performance over any period of time. Equity investments are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Non- investment-grade bonds involve heightened credit risk, liquidity risk, and potential for default. Foreign investing involves additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Past performance is no guarantee of future results.

Nuveen Asset Management, LLC is a registered investment adviser and an affiliate of Nuveen Investments, Inc.


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