Thanks to Singapore and a Vancouver readers, your editor is becoming a Mary, Mary (quite contrary) about the need to sell bonds and buy shares, while fleeing emerging markets. Every single macro analyst (at 13 global banks and funds) said to overweight global equities; every single analyst said to underweight fixed income. This is supposed to be the sole way to play the taper of the Fed's quantitative easing policy.

The Absolute Return Partners newsletter examines skeptically the case for this consensus on the taper zapping bond markets. It questions whether there is "an emerging markets" crisis which will grow more serious as the US cuts its liquidity feeding the rest of the world. It notes that there is an offsetting set of flows, from the US current account deficit.

With the beginnings of a US energy boom and US recovery, deficit spending is set to rise. That will not result in inflation or in US bond yields rising, but instead will generate $400 bn or so of foreign claims on the US. This money will be placed (as always) in US T-bonds, further pushing down yields.

Moreover, US pension plans had a notably successful 2013 and are now 92% funded, a level which was not supposed to be reached until 2017. The plans will buy more US T-bonds this year in a risk-off play after taking chances last.

The newsletter cites a mostly Danish quant shop, Applied Global Macro Research, whose proprietary model names the drivers of the US 10-yr bond yield. "Even in a strong economic environment, the model suggest that the total return on 10-yr T-bonds in 2014 will be close to zero. Yields [will] rise modestly, but the carry will almost fully offset those losses. On the other hand, should the US economy actually weaken, 10-year T-bonds should generate very attractive returns." I would love to see the Danish report.

Here is an unexamined stock idea in the USA from my favorite CFA; with all the revelations of credit and bank account hacking, you might consider buying into Target whose Xmas sales were hurt by fear of leaks of its house credit card data. A UK newspaper, The Daily Mail, reported today that Barclays Bank suffered a breach of 27,000 full client files sold to thieves. The files included information on the bank's clients' earnings, savings, mortgages, insurance, passport, and national insurance and health data. The potential losses are almost unlimited. (The CFA is my son who manages our corporate profit-sharing and pension plans.)

What this means for one of our companies is follows below.  Plus more from Israel, Britain, Finland, Spain, South Korea, Canada, India, China, The Netherlands, Brazil, and Portugal.

*Cameco reported late Friday that its audited 2014 Q4 sales rose 15% to $977 mn and full year sales 29% to $2.44 bn, The Canadian uranium miner also reported Q4 gross profits down 27% to $255 mn and full year gross profits up 12% to $607 mn. On this adjusted net earnings came in at 38 cents/sh for the quarter, down 36% and $1.12, up 2% for the year. Even more scary, cash from operations came in down 46% for the quarter and down 8% for 2013. The net earnings boost for the year came because CCJ did not repeat a 2012 write-down in Australia, mainly because of lower realized prices for uranium it mined but higher volumes and prices for uranium it processed. The company also gained because it didn't continue its spending on exploration at Kintyre down under. Last year it did another but much smaller $70 mn write-down of its Talvivaara Finnish mine, and suffered from the loony's decline, but gained from lower Canadian corporate taxes.

CCJ remains in our portfolio because of the long-term positive prospects of the uranium industry, the only way to meet world energy needs safely without carbon crud is with nuclear power. This year, the uncertainty continues given Japanese debate over re-starting nuclear power plants with better safety controls, unexpected US and South Korean plant shut-downs, and supply overhangs continuing. Your editor expects that nuclear power will soon become à la mode outside France where it was always the favorite power source, notably in Japan, China, and Britain. The UK govt is backing new power plants being built in Britain using Electricité de France technology. Overall there are 433 nuclear power plants operating today, producing 394 gigawatts and there will be 526 plants (already commissioned) producing 514 gWs in 10 years. There is no more Russian Highly Enriched Uranium from nuclear bombs on the market which will cause shortages eventually.

*The astonishing success of criminal data-hackers at Barclays takes some of the pressure off our Shinhan Financial Group over the wider but less dangerous hacking success of criminals in South Korea. We bought into SHG mainly because I thought enough time had passed from its H2 2010 boardroom scandal. Then the Chairman accused the CEO of embezzling client money. Both have been replaced and nobody was actually criminally charged. The real risk I see going forward is that South Korea may not be able to do as well in 2014 as it did last year.

*The Swiss are fighting back against Indian generic cancer drugs as well as foreign residents. Dr Reddy's Pharma is among the targets of a shift in strategy by Novartis, the Swiss pharma house, which sued RDY in a US court for planning to sell a generic of the blockbuster leukemia drug Gleevac in the US. RDY filed an abbreviated new drug application for Gleevac (imatinib mesylate capsules) with our FDA late last year. NVS never got an Indian patent for Gleevac, which was denied last spring by the Indian Supreme Court. NVS is appealing that ruling under Indian patent law.

Roche meanwhile decided to defend its Herceptin breast cancer drug patent from Indian copycats after saying last year that its wouldn't. It is suing the Indian Drug Controller General for allowing biosimilars to treat Her-2-neu breast cancer on the Indian market claiming that the trials had not even been completed before the green light was given.

*In London trading today, Nokia soared, up nearly 7% after falling recently. It may reflect happiness that NOK over the weekend settled 4G LTE patent claims against it from Taiwan's smartphone-maker HTC, with which it plans to work closely on future licensing deals and patents. NOK will pay license fees (amount not disclosed) for cellphone patents to be partly offset by license fees from HTC over proprietary NOK exchanges technology.

*The Chinese gold market reopened after the lunar new year and the price hit a new 2014 high, $1275/oz. While I admit it is a hard sell, our advertiser Bullion Vault offers a way to buy and sell the yellow metal in modest or large quantities at very narrow spreads, even compared to an Exchange-Traded Fund like GLD, which I recommend. You also protect yourself from market noise and the gold is registered in your name and only extractable into cash by you.

After I met with the principals in London I urged the group to make life easier for Americans buying gold using its sight, without turning "know your customer" into an obstacle course. I'm pleased to say they are working on doing this.

*Its partner Sohu today reported poor earnings which reflect its new Sogou jv for search engines with Tencent. TCTZF (or TCEHY) owns 36.5% of Sogou but appears to be gaining more than the senior partner did. Search is the dominant internet and eCommerce entryway in emerging markets, not chat.

Hence our taste for Tencent and Yandex which are growing profits extremely fast. YNDX is Dutch but operates in Russia, Turkey, Ukraine, and Belarus.

*Antonio Carradinha (which sounds like a pseudonym) writes My Dear Money reported at SeekingAlpha.com. He argues that the merger in the offing of Portugal Telecom and Oi of Brazil will result in the Portuguese parent becoming a minority in the merger company after a stock sale to increase capital by the 2 indebted companies. Brazilian regulators he says, citing Goldman Sachs, will make sure PT shareholders are not left in the cold, and their joint head, Zeinal Bava, a Portuguese, can always walk away from a share issue which doesn't pay off for Portugal.. He cites Bava: "it all comes down to how much it costs. If we need capita to consolidate and can prove to the market that we generate synergies, I believe raising it will not be an issue." Oi will have to invest in upgrades of its cellular system. One question is whether the paid will buy up Telecom Italia's Brazil stake in TIM or let it go to Telefonica. Senhor Carradinh(eiro) tips Oi but I stick with PT.

*Compugen reports tomorrow but the CGEN share is up in Tel Aviv trading. This will ratchet the sale price up on Q today. It is aiming at $12.50, a new all-time high. The conference call is at 10 a.m. Tuesday NY time. I nominated CEO Dr Anat Cohen-Dayag as biotech female executive of the year but so far she hasn't been announced as the winner.

*Delek Group is part of a $2.7 bn sale sale of a quarter stake in the offshore Leviathan gasfield partnership (via two of its subs) to Australia's Woodside Pete. DGRLY is fighting to avoid capital gains taxes on the deal. It may not even be a taxable event since the partners did not get money, only a higher valuation of the assets they continue to own after the partial transfer of shares. But try telling that to the Jerusalem Tax Authority which wants its pound of flesh, specifically a 26.5% capital gains tax on the revaluation of the Delek stakes. Globes Israel predicts that the huge and unprecedented deal will be fought over in Israeli courts for decades.

*Teva is being investigated by the US over false claims in its marketing of Copaxone and Agilect, two of its non-generic drugs. Given how dependent Teva's profits in 2013 were on the multiple sclerosis and Parkinson's disease drugs, Goldman Sachs has issued a sell on TEVA.

*Grupo Corporativo ONO, the Spanish cable firm, appears to have won a bid to stop its IPO by agreeing to be acquired by cash-rich Vodafone. Our Liberty Global Media (headed by John Malone) is expected to make a counter offer. LBTYA/K.

*Canadian Solar sold another Ontario solar power plant to BlackRock Inc. last week. The fund mgr wants the income and subsidies while CSIQ continues to operate the plant. The new one goes live next month. Roth Capital named CSIQ its top solar stock pick.

*Aberdeen Global Income Fund (FCO) reported that it is nearly 20% invested in Australian govt bonds, nearly 14% in British ones, and c12% in Canadian ones. The big break from its stablemate Aberdeen Asia Pacific Income Fund (FAX) is the huge stake in New Zealand, 19.1% by currency and 17.9% by issuer, almost all with NZ govt bonds. Another feature is its taste for emerging markets (mostly via US$ denominated bonds), only 5.7% by currency but 18.6% by issuer. The largest positions in EMs is 2.1% in US$ denominated bonds from the International Finance Corp., the private sector lending arm of the World Bank, and Brazilian Treasury bonds. As I keep saying, FCO is a higher-risk income play than FAX but the reward is not coming up.

*Reckitt Benckiser reports tomorrow on Q4 and 2013. RBGLY makes OTC drugstore and household products and is expected to get out of pharma. It makes sub-lingual opioid patches for recovering drug addicts.