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At first glance, it appears that the US job market has healed. Unfortunately, it is not that simple. The US still has substantial excess labor supply.

In the US, despite moderate growth, we see very attractive valuations while many emerging markets are undervalued. But 7% growth in China is unrealistic.

We must challenge common assumptions about the US and emerging markets to ensure we are focusing on the best routes to the right destination.

The US economy made substantial progress in 2013. The economic outlook for 2014 appears promising -and the US equity market can continue to appreciate.