Byron Wein of Blackstone has just released his latest monthly letter and as usual its good reading, he covers the markets, the US, Japan and China, see below for a snippet and a link to the letter.

Everyone had made money in the stock market in 2013, although few had done as well as the Standard & Poor’s 500. People were generally positive about the outlook for 2014 and there was a background of complacency. When these conditions prevail, something always comes along to shake confidence. It is just hard to see what it is going to be in advance.

Source: Blackstone