Markets improved appreciably after a dismal third quarter, alt-hough the elevated volatility made it difficult for most market participants, including supposedly savvy hedge funds, from cap-italizing on those gains. Investors ended the year frustrated and skeptical after a year in which many realized they had underesti-mated just how unpredictable investing will be in the aftermath of the credit crisis and in the face of ongoing deleveraging in the developed world.

Download the International Market Review & Outlook Fourth Quarter 2011