Thurs 12.1.11

Kevin's note today reiterates what I have been saying about yesterday's intervention from the central bankers....that it only fixed the liquidity problem, and not the solvency problem for the European sovereigns.

On a more positive note, since it's December 1st, I thought I would share a chart from ThomsonReuters which illustrates that since 1971, on average December has been the best month for equities, at least according to the MSCI World Index, which includes both developed and emerging markets. It really gets to the psyche of investing, in that investors love to rally into the year-end, in hopes of beginning the new year on a high note.