Montreal, Canada

Depending on your view of the global economy and the prospects for corporate earnings and interest rates in 2010, it's getting harder by the day to find an undervalued asset let alone an asset class that's cheap in absolute and relative terms.

A true short-seller – and I'm not one – would be net short right now with stocks and other risk-based assets skyrocketing since last March with barely a correction. We all know a Black Swan, or unknown event, is out there.

Montreal, Canada

Investors are now more bullish on stocks than at any other time since early 2007.

Montreal, Canada

About a year ago in this column I had forecast a gradual shift from the markets' perception of safety as it pertains to government bonds. The way I see it, some countries don't deserve their coveted AAA credit rating while high quality corporate bonds (outside of the financial sector) should command a lower risk premium because of their bullish balance sheet fundamentals.

Montreal, Canada

Venezuela joined the growing number of countries that are officially "basket-case" currency regimes in 2010. President Hugo Chávez introduced a two-tier currency system last week that basically sets the stage for serious inflation and a monetary crisis.

Montreal, Canada

Based on the historical stock market cycle how will U.S. equities perform in 2010?

Developed by Yale Hirsch decades ago, the theory states that U.S. stock markets are weakest in the year following the election of a new U.S. president. Accordingly, after the first year, the market improves until the cycle begins again with the next presidential election.

-Dugald Malcolm

Montreal, Canada.

The future for markets in 2010 and beyond does not look promising, at least according to several well respected investors and fund managers.

London, England

Will the U.S. economy post a significant bounce this year? Or is the world's largest economy heading back into recession?

Morgan Stanley's Stephen Roach and Jim Grant of Grant's Interest Rate Observer both make compelling arguments for and against a sustainable economic recovery in 2010.

London, England

If there's an ounce of doubt still apparent in the nine-year bull market for the precious metals it's silver's failure to confirm the primary trend in gold prices. Silver has failed to confirm the rising trend in gold over the last four months because it didn't hit a new high last year whereas gold did.

Silver is more of a short-term concern because if we break $16.50 we could slide to the 200-day moving average price of $15.34 pretty fast (see chart of silver below).

London, England

The streets of London are sparse this week as most people remain on holiday and schools are closed until next Monday. Taxis, the best and the most spacious in the world, complain about the few rides despite the bitter cold. It's about minus 3 degrees here this morning and Londoners are complaining; from where I come from in Montreal, minus 3 is almost a day at the beach…

London, England

Each year at this time I visit with an old friend and former client based in London. Mr. Index pioneered the Canadian mutual fund industry more than 40 years ago and today lives mostly in the United States, England and the south of France, depending on the time of year. He remains one of the wealthiest individuals in Canada.