The global economy is in the middle of a scary macroeconomic environment, with fiscal imbalances in Europe, Japan and the U.S., and increased regulation, which is confusing companies and individuals, according to William Stromberg, T. Rowe Price's director of global equity.

In a presentation on the firm's 2011 outlook, he said, "We see record cash on balance sheets as executives wait to see what will happen with regulation."

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