On Monday, we sent to clients our Q4 2016 Economic Outlook. A key concern: “Economic growth around the world is weak and getting perhaps weaker. Despite this, most asset classes – from stocks and bonds to real estate – continue to perform well. How can this be?” LNWM CIO Gino Perrina and his team think it has greatly to do with extremely low interest rates — here and abroad — which have driven asset valuations higher. Currently, nearly 40% of the government bonds issued worldwide have yields that are negative — below zero. Gino et al. then go on to explain where growth is likely to come from, now that monetary maneuvers are getting diminishing returns.