No one needs to be reminded that equity markets around the globe have not only disappointed this year, but have been mostly downright awful. Through December 20, the MSCI World index is lower by 10 percent, its first decline in three years, with many of its regional components lower by far more. It should come as little surprise that the Eurozone is down 24 percent, given the breathless anticipation surrounding seemingly one summit after another that have inevitably disappointed. Japan is down 19 percent, battered by its earthquake and weak export markets. And after a year of monetary policy tightening and slow global growth, emerging markets are lower by 21 percent. All of these returns are measured in dollars, but it wasn’t dollar strength that explained the dismal results. In fact, as measured by the DXY index, the dollar is unchanged on the year. It was weaker in the first half and stronger in the second, but is ending almost exactly where it began. N
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