Update of my investment outlook analysing the calls I got right and the ones that have not played out right. Japan, emerging market high grade debt have outperformed, while international treasuries outside the US stay overvalued. Investors still prefer equities over fixed income as a lesser of two evils. Most of the world outside the US and UK have moved into excessive easing, especially China. I have also presented a deeper analysis of the big elephant in the room - Fed Rate Hike Cycle and its impact on various asset classes.