Of course, I could justify including the AIM & MSCI Emerging
Markets indices in my benchmark, but let's try resist that brand new temptation... After all, for most readers / investors, a normal frame of reference is obviously one or more large - cap developed market indices — for them, departing from that universe into what most would perceive as riskier small / micro-caps & emerging markets implies / demands a strong expectation of superior returns... which clearly didn't happen las
Markets indices
in my benchmark, but let's try resist that brand new temptation... After all, for most readers / investors, a
normal frame of reference is obviously one or more large - cap developed
market indices — for them, departing from that universe into what most would perceive as riskier small / micro-caps & emerging
markets implies / demands a strong expectation of superior returns... which clearly didn't happen las
markets implies / demands a strong expectation of superior returns... which clearly didn't
happen last year!
I write this so that all parties can understand the dynamics going on, so that when muni defaults
happen, and the
normal dynamics
in the bond
market shift, you won't be surprised at the results.