The US: A Case Study in Industrial Decline.....11
Why Has the Decline Stopped?.......15
But Will Manufacturing Re-shore to the US?............21
US Economics: Fueling the Engine of US Growth...........28
US Natural Gas: Low-Cost Resource Is a Competitive Advantage..........35
Currency Implications.......43
What Are the Implications for Emerging Markets?...........50
Mexico......54
US Equity Strategy...........60
US Autos & Auto-Related.........62
US Capital Goods............67
US Chemicals..........72
US Energy
US Exploration & Production and Refining........76
US Oil Services, Drilling & Equipment......79
US Transportation............85
US Steel...........89
US Utilities.......93
Appendix 1: Details from Our AlphaWise Survey.....96
Appendix 2: Selected Examples of US Capacity Expansion............101
Appendix 3: US Trade Balance by Vertical (1990-2012)..........102
Appendix 4: US vs. China Manufacturing Cost Scenarios.......105
Appendix 5: China Productivity Exhibits...........107
Appendix 6: More Details from Our Commodities Scenarios...........108
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