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As we briefly review 2011, one thing is apparent: corporations generally had a better year than politicians, job seekers or investors. Despite 2011’s economic volatility, companies delivered better earnings than the consensus had forecast last January. Yet despite solid corporate profitability, macro uncertainties kept stocks under pressure for most of the year and ignited a simultaneous flight to the safety of U.S. Treasuries. With 2012 being an election year, we can expect to see even more sparring in Washington, D.C.

This latest quarterly issue of “ViewPoint” features an interview in which the bank’s chief investment officer discusses his outlook for the global economy and capital markets for 2012. He notes that the U.S. should exhibit positive growth, boosted by capital spending, and that a growing U.S. economy should keep the global economy in positive territory despite the situation in Europe.

Income-generating vehicles make a lot of sense in this environment. Last year, a key part of our message was to focus on yield-oriented strategies, ranging from high-yield equity managers to energy MLPs to floating rate debt and emerging market bonds. We believe that adding to the enhanced yield strategy through a position in non-investment-grade debt may improve risk-adjusted portfolio results in the months ahead.

The financial crisis that began almost five years ago is still with us, and we are still dominated by the events unfolding in Europe. What are some of the root causes of the crisis, and what is the future likely to hold? This white paper examines the evolution of the financial crisis and offers advice on how investors might best navigate the complex future we face.

To cope with potential rising inflation, it is important to ensure that portfolios include meaningful exposure to a broader set of assets than just stocks and bonds, especially assets that tend to preserve value in an inflationary environment. This paper reviews the role of real assets in an investor's portfolio and introduces a comprehensive approach to real assets investing.

This essay is devoted to understanding how two key investment principles – a long-term equity time horizon and diversification – have performed in past periods of severe economic dislocation. Analysis demonstrates that maintaining these principles has proven extremely valuable, particularly in periods of volatility.

An attorney/entrepreneur makes the case for investing in commercial claims. Investors in this specialty finance sector supply capital to companies to pursue their claims and hedge the risk of loss and, in return, receive a percentage of the claim proceeds.

Proposals to reduce federal debt have largely missed the mark. That is certainly the case when it comes to suggestions to replace tax-exempt municipal bonds with taxable alternatives or federally subsidized tax credit options. These alternatives not only produce much less in revenue for the US Treasury than most assume, they also result in a loss of local control, diminish access to jobs]producing capital, and put taxpayers on the hook with debt gguaranteesh reminiscent of the subprime mortgage era.

This paper offers a practical look at how an individual or family might plot a successful road map that aligns and grows with their unique abilities, needs, and personality. The authors detail the steps in a philanthropic asset allocation process involving fact-finding, planning, and continuing assessment as seen through the eyes of three hypothetical clients.

Early-stage direct deals involving start-up businesses, real estate developments or similar high-risk, high-return opportunities should be evaluated very closely on the merits as well as the risks. Each opportunity is different and all require unique in-depth due diligence, but there are some general questions that should always be asked, the author says.