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Stock Market Outlook

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Stock Market Outlook Independent Research & Market Analysis Published Quarterly by the Investment Policy Committee 2011: Part ? Past performance is no guarantee of future results. 1 A risk of loss is involved with investing in stock markets. Phone: 800-568-5082 Copyright ? 2011 Fisher Investments. All rights reserved. Email: [email protected] Confidential. For personal use only. Website: www.fisherinvestments.com October 2011 2011 STOCK MARKET OUTLOOK, PART IV Executive Summary Q3 was marked by a steep correction in global stocks that pushed the MSCI World Index down -16.6% for the quarter. Though periods of heightened volatility are undeniably unsettling, recent market action seems characteristic of a correction, not the start of a new bear market. Moreover,

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