Outlook, Commentary, and Letter from the Manager Outlooks provide a forward-looking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of our Portfolio Managers. Commentaries and Letters from the Manager discuss a strategy-specific performance review and/or thoughts on a sector or region.   Outlook         Current Previous Quarters Global Markets               United States 1Q12 4Q11 3Q11 2Q11 1Q11     Europe 1Q12 4Q11 3Q11 2Q11 1Q11     Japan 1Q12 4Q11 3Q11 2Q11 1Q11     Emerging Markets 1Q12 4Q11 3Q11 2Q11 1Q11 Fixed Income 1Q12 4Q11 3Q11 2Q11 1Q11 European Fixed Income 1Q12 4Q11 3Q11 2Q11 1Q11   Commentary     From Denial to Despair (and Back?) (August 2011) Lazard Japan Equity The Case for Japan as the New Normal (June 2010) Lazard International Equity Select Comments on Europe (May 2010) Lazard Global Listed Infrastructure An Investment for Uncertain Times (May 2010) Lazard Global Fixed Income Focus on Country Allocations (June 2009) Rebuilding the Crumbling Foundation of the U.S. Economy - May 2009 Update (May 2009) Rebuilding the Crumbling Foundation of the U.S. Economy (January 2009)   Letter from the Manager     Lazard Multi Strategy Blending Growth with Value in Emerging Markets (August 2011) U.S. Equity Correlation and Dispersion in the Current Market Environment Lazard Global Listed Infrastructure Listed versus Private Equity Infrastructure (February 2011) U.S. High Yield U.S. High Yield: Still a Choice for These Times