In Praise of Older Wisdom

We believe markets and investment policy are increasingly in praise of older wisdom of practicality. Pending clear policy change, market volatility is likely to remain, probably through mid 2009. There has been no shortage of bad news but our hoped for change from late 2009 would be forward looking behavior and not the hand-wringing on ample display now.

These aspects favor quality execution. Clear differentials on action forging skills are yet to be seen amongst countries. They are likely to become accentuated but China has been displaying long term focus. Europe seems the weakest link in the east, with central regions strongest on policy, particularly Switzerland with hard headed global corporations and the hard fisted Swiss National Bank forcefully leading its banks. With massive U.S. economic recovery plans still being fleshed out, the new U.S. administration needs to move to action forging skills displayed by President Johnson on 1960s race politics and President Reagan on cringing over 1970s inflation.

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