Please find enclosed a presentation which covers both fundamental and technical analysis of the markets, and the concerns we have for 2014. As a summary, we believe both the equity and fixed income markets have valuation issues, which investors need to be aware of if they are investing. We believe investor expectations are very lofty, and will likely prove to be disappointing. Statistically speaking, we believe there is a high probability of a correction or a bear market.

Please use the link below for the complete outlook.

PVG’s 2014 Market Outlook