Letter from TPG-Axon. Their investment outlook is on page 11-13.
Other things that I found helpful:
-Both cyclical(weakening global growth) and structural(delevoping nation growth) factors are important - for the past five years, both were aligned; in the next few years, they are likely to be opposed.
-Hedge funds have grown from being opportunistic investors circling the market for opportunities, to actually being a core part of the market itself. This transition from "sniper to infantry" is a significant one, which…requires thoughtful and evolutionary response.
-The credit crisis is in many ways the end of an era of an "amplified" US economy.
-Increased globalization and inter-dependence of markets……an investor has to understand what is happening everywhere to invest well anywhere.
-At moments of great macroeconomic uncertainty, asset allocation skills (which place a premium on breadth) are often central, while in calmer environments, outperformance skills are more dominant(which place a premium on depth).
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