Scotiabank's Guy Haselmann shares his Austrian School perspective in this note, outlining a number of market risks and observations for the year ahead

Scotiabank's Guy Haselmann shares his Austrian School perspective in this note, outlining a number of market risks and observations for the year ahead. Haselmann says: 1) Liquidity is being miscalculated. 2) Volatility will be higher. 3) Preservation of capital must be a core investment strategy. 4) Chinese growth is a key to the global economy. Chinese housing remains in a bubble and non-performing loans are on the rise. 5) Shale gas, leading to U.S. energy self-dependence, is a major positive for U.S. markets. 6) EU markets are too complacent. 7) Abenomics will not yet achieve its 2% core inflation objective. 8) Protectionism is a great potential risk to the global economy and must be monitored closely. 9) Cyber-crime and cyber-terrorism are real and growing threats. 10) Tensions will grow in the Middle East and Asia. (VIEW LINK)