David Bulteel

David Bulteel, head of international portfolio management, “Bond yields continued to plummet while most equity markets rallied well. Financial markets remain prone to mood swings, from inflation scares to growth scares, with occasional worries about stagflation. A similar pattern occurred in 2004, leading to good equity gains as companies beat profit and dividend forecasts. This will be harder in 2005, with rising US interest rates and higher oil prices. Long bonds look unattractive; but we remain positive on equities.”