At Portfolio Adviser’s Europe Expert Investor held last week, he also said that we have another 18 months of good liquidity ahead before it will be time to get out of equities. His words were: “Liquidity is like morphine – it takes away the pain.”
Europe’s economic woes may not quite have come to an end just yet, but what is clear is that the various country economies are showing signs of at least slowing down the pace of their dramatic collapse.
Volatility (“another word for panic”: Pignatelli again) is still there though it is reducing; its stock markets are on the up – Eurostoxx 50 up 1.5% year-to-date (a month ago it was up 10%), the FTSE 100 up 4.4% (15%), the Dax is up by 4.1% (double digits a month ago).
Evidence of calmer waters was seen last year but it is only this year the results have come through with active, stock-picking fund managers really showing their worth.
Click here to see some of these managers we’ve met with recently.
