“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected”  – George Soros

As we enter 2013, I’m writing to summarize what happened in the markets last year, my outlook for 2013 and how we are positioning our portfolios to manage risk and preserve capital.

2012 saw a continuation of the volatility that’s characterized the markets since the global financial crisis, which will be marking its fifth anniversary in September. At the same time, the Emerging, European and the U.S. markets finished the year with gains above 10%, despite concerns about Europe’s finances and worries that the US would fall off the “fiscal cliff” and go back into recession. And while Canada was up by 4%, it lagged the U.S. for the third straight year.

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