Christian Jost

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From Fund Selection 01 November 2008

By PWM Editor

“During the month of September some radical changes have taken place in the financial sector of the US. Hit by severe liquidity problems, the US investment bank Lehman Brothers was forced to file for Chapter 11 bankruptcy. The remaining investment banks were either acquired or converted to commercial banks in order to survive the financial turmoil. International stock markets accredited the end of the Wall Street investment banks with high losses. Our portfolio reacted to this market environment by increasing the bond and the cash exposure.”

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Christian Jost

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