Quarterly Investment Update – 4th Quarter 2012 Trust & Investment Services


In This Issue:

- Economic Review & Outlook

- Bond Market Review

- Bond Market Outlook

- Stock Market Review

- Stock Market Outlook

- Overview Of Washington Supreme Court Decision

- Estate Tax Impact Of Washington Supreme Court Decision

- Fiscal Cliff Resolution On Taxes

- Highlights Of The Act

- Excerpt from Economic Review & Outlook:

Welcome 2013!We hope this year brings health, happiness and prosperity to you and your family. With the fiscal cliff negotiations finally passing the House and Senate, it’s time to face the reality that markets will be dominated as much by politics as they will by economics in the coming year. The economic benefits are mixed by the compromise reached by Congress. Surprisingly, as all eyes focused on Washington, D.C., international equities rose substantially toward the end of 2012. Now more than ever, a long-term view, fundamentals and valuations are essential in building a sensible portfolio. The outlook for stocks is favorable even with the ongoing debt ceiling and European concerns. We will continue to monitor inflation, durable goods, and government intervention, as well as unemployment where a lot more improvement is needed. The markets have done well thanks largely to central bank actions around the globe. It is likely that overseas growth will out pace U.S. GDP growth in 2013. Look for a pick up in economic activity, boosting profits growth, as well as multiple expansion as clarity improves in mid 2013. Overall growth estimates this year for the U.S. are around 2% and trending upward to 3% in 2014.

Please see full update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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