I’ m a broken record.

Europe continues to be sick and will slow down the global economy.

The worst with Europe is not over. It’s the end of the beginning, not the beginning of the end.

What does this mean for you?

I’m not a fan of a large holding in Europe. Internationally, though, I continue to be impressed with some of the emerging markets out there. Irritatingly, Europe is being forced to address many fiscal imbalances we have here in the United States, but they’re just a number of years ahead of us in addressing them.

I continue to have a minimal to zero exposure to Europe for my clients.