Profiles and Analysis
Doomsayers in their element
We are now more than a year into an equity and bond
– and commodity and property, et al – rally and the more
cynical investors are looking for excuses for why this is all
about to end.
It has to be said that the majority are happy to ride the
wave but there is plenty of negative and ‘the end is nigh’type
commentary.
Some just want to say they were the first to see
it coming, others are adamant about potential asset
bubbles that are about to burst, while others prefer to
rely on genuine numbers and market/sector/company
fundamentals and shy away from any external hysteria.
But this is easier said than done, as any amount of
positive noise is drowned out by huge government debt
levels and poor economic stories.
■ The FTSE 100 has continued its rise over the past year
and marches on to 6,000 with many having to revise
their year-end forecasts upwards.
■ The MSCI World Index is up 49% from its position last
year, with the FTSE 100 up 47% over the same period.
■ By comparison, the UK’s GDP is expected to rise by
less than 0.5% in Q1 this year and the US by just under
2.5%, a similar level to full year global GDP forecasts.
Source: Fund Research Centre on www.portfolio-adviser.com
In this section…
Wealth manager profile
LEE ROBERTSON 25-26
“Our recurring fee is not
commission. It is a specifically
agreed AMC with the client
and that is the big difference”
Lee Robertson’s career has moved
from mortgages to investments and
from commission to fees
Fund manager profile
DENNIS STATTMAN 31-32
“The most attractive thing
about global investing is also
the most challenging; the
challenge is there is always
something else to look at”
BlackRock’s Dennis Stattman
talks Gary Shepherd through the
techniques of managing billions of
dollars in a global fund mandate
Investment strategies
ASSET CLASS BUBBLES
20-22
“It is about approaching
forecasts with a degree of
scepticism, and looking for
back-up numbers to spot real
changes” Investors are quick to
talk about asset class bubbles to
explain their caution over markets
but how much is real concern and
how much misplaced pessimism?
Viewpoint
STOCK LENDING/
SHORT SELLING 28-29
“Short selling quickly became
known as one of the causes of
the credit crunch and ensuing
financial crisis” Jessica Bown
asks whether short selling and
stock lending are still frowned upon
or do they now have a solid role to
play in a client portfolio
MAY 2010 [www.portfolio-adviser.com] PORTFOLIO ADVISER
19
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