March 27, 2007

The long-term outlook of the economy is still pretty solid and any economic slowdown must be temporary in nature. The slower growth will have a negative impact on corporate earnings and its rate of increase, which we expect to fall below the double-digit range for the first time since the recovery. The slower growth will also affect the valuation of other assets, in particular residential real estate. But that is only a temporary set back. If we buy into the tax story, recall that residential real estate is even more tax advantaged than dividend and/or capital gains

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