In this column last January, when asked to sum up the year in investing in one word, we decided on “uncertainty.” Given the same task this year, with the “fiscal cliff” still looming as of this writing and the outlook for the Euro remaining uncertain, we would have to choose the same term. However, while the one-year outlook remains questionable, the long-term view has come into clearer focus.   The Fiscal Cliff Much of our current uncertainty is ...

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