David Bulteel

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From Fund Selection 01 December 2004

By PWM Editor

David Bulteel, head of international portfolio management, Carr Sheppards Crosthwaite
Based in: London, UK
“With the US Presidential election over, the main barrier to progress remains the oil price. If recent high prices are sustained, a recession is unlikely in 2005. Some of this risk is already factored in so equities look better than bonds. The mix of economic growth is likely to shift, with US and UK consumers curbing spending as borrowing costs bite, allowing the balance of world growth to shift from consumer spending, towards corporate investment and the faster growing economies of Asia.”

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