Asset markets in 2013

Barry Ritholtz draws attention to this graphic from Economist.

Both charts are good manifestations of the changed economic order. The rapid growth of last ten years has been on the back of spectacular performance by the emerging markets, which in turn drove commodity prices to record levels. 

Notice the absence of any prominent emerging market in the list of equity market toppers. However, the performance of the first four countries - Argentina, Greece, Ireland, and Pakistan - is clearly at a remove from their economic fundamentals. Further, the strong performance of many developed economy equity markets, despite their persistent economic weakness, is more a reflection of the uncertainty facing the world economy coupled with the liquidity glut than their own economic fundamentals. The second graphic shows that commodities have been the worst performing asset class, along with emerging market equities.