Sequoia Capital Management's investment outlook for 2005 is presented here.
In summary: global growth is seen as only a bit slower than in 2005, with inflation a bit higher due to slower productivity growth. The price of oil will remain high, agricultural products may gain at the expense of the metals and the US current account deficit is likely to cause more volatility in financial markets.
The main risks to this generally positive outlook for 2005 are extreme UD dollar weakness, larger than expected US interest rate hikes, the price of oil above $US50, ending/slowing of house price rises and subsequent slowing of consumer demand in advanced countries and (of course) terrorist strikes.
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