Equities:
- The US continues to outperform (including all cap sizes)
- China, India, and Indonesia look intriguing if one wants to add global exposure
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/02f78372bba14a6bbef80a2d8faf6a2a.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/9472516c4963432da0744b5a50bd028b.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/e3f47a6c4a484c4bacadfe0e53fd93c7.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/d74be5c67ea54a69b40b98faad723323.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/5686ba15207d4f3fafe493a0708f3662.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/7500e0a67b864e22869c74887a308855.png)
Bonds:
- We said it last week and we will say it again, long duration government plays seem like the only option at the moment
- Credit doesn't look compelling; same goes for munis
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/974c9a0e391941c7bcaf775d133e6bbc.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/150e1219286b45ca8af910290552be9d.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/44a989554ca44c2385b9a2bc974a8ae9.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/8c96e8bf68ae4dff9114fc8183716dc8.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/7e1e66a4fb48484c863ce059bd1977c6.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/2c66060c358b4080b36d2474ba8fbf8e.png)
Cash:
- Keep it VERY simple here
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/eb212368cea9435283a0c855ed6e9383.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/dea75bb5b55b40acaf6e37b41c77b8ad.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/e76b6a2c24a149a69d3cbb1dd0dc9795.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/85b0677817c449cbb6d99fb037cad5cc.png)
Alternatives:
- Commodities as a whole don't look great but there are a few exceptions
- REITS need to hold support here
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/ed2f6196eee44e7f8335a7fddb6982ba.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/74784723231347ebb297c47697b6e043.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/54260555ce454625ac3cf0e2e088d84c.png)
![image](http://pppre.s3.amazonaws.com/3c6b7ae18b391718/329aec12fbad4cfb92482ffcdd73f45b.png)