Investors have been concerned that higher taxes on dividend income will be coming down the pipeline if President Obama gets his way on tax hikes for high-income Americans. This is a legitimate worry, but I don't see higher taxes having much of an effect on the long-term shift in investor preferences for income.

Finally, I expect a good year for emerging markets. On this count, I was flat-out wrong in 2012 (as a value investor, I prefer to say "early"). I underestimated how badly the markets would react to slowing in China and Brazil. But after spending much of the past year in a correction, I expect to see emerging markets have a breakout year in 2013.

Source: Market Watch

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