Equity markets: taking stock

It’s been a tough decade for stocks but a good nine months. The MSCI World index is up 71 percent since the March 2009 low. Most equity strategists are living up to their reputation for optimism. A Dec. 16 Reuters survey of more than 200 of them predicted that U.S. equities will climb 9 percent in 2010. Investors should be wary. The market rally already looks a bit tired. While U.S and European shares have enjoyed a year-end rally, the world index is where it was in October. Shares have recover...