Surprise No. 10: Takeover activity slows to a standstill.
Though interest rates are low and there is an abundance of excess cash on corporations' balance sheets, economic uncertainty meaningfully curtails merger-and-acquisition activity in 2013.
There is one large exception: Oracle (ORCL) takes over Hewlett-Packard (at only a modest premium). Mark Hurd returns to become Hewlett-Packard's CEO. Hewlett-Packard's current CEO Meg Whitman rejoins Kleiner Perkins.
Strategy: Avoid investment and brokerage stocks.
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