Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

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Sunday, January 12, 2014

Europe recovery

Finally.  After a series of blunders by European policy-makers, Europe finally starts to recover.   Industrial production (IP) is now positive year on year.  And the rising PMI suggest that this will continue.

Mind you, the level of output is still a loooong way below its previous peak.

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