Tuesday, December 25, 2012 EST

The Fed with its unrelenting monetary stimulus and negative real interest rates has changed the relationship between stocks and bonds, writes Gluskin Sheff's David Rosenberg.

We continue to be in "the throes of a secular era of disinflation," he writes.  In such a low-return environment "cash flow is king."

We recently featured Rosenberg's ten near certainties to invest around yesterday. Today we put together a more detailed overview of his investment outlook for 2013.

Heading into the new year, Rosenberg writes, "what broadly worked in terms of delivering high-single-digit risk adjusted returns in 2012, with very few tweaks, should remain intact in 2013." And his primary investment strategy continues to be safety and income at a reasonable price (SIRP).

Click here to see the charts on Business Insider