As in previous annual Outlooks, we established a set of possible scenarios for the coming year. The majority of this report is built around the expectations established in the Base Case, as shown in exhibit 1. The alternative cases, Rebound and Recession, do not set the outer limits of possible results but rather acknowledge that there is a real probability that the market will follow a different path. Each scenario case represents a set of expectations which work in concert. The objective of offering these scenarios is to establish a consistent frame of reference for considering future investments. Keep in.
