Peter Fitzgerald

“The great monetary experiment called Quantitative Easing is slowly coming to an end. When this radical treatment was suggested, the patient (the world economy) was in critical condition. A preliminary diagnosis suggests that the patient has reacted positively but we will have to wait until the withdrawal symptoms show up in order to perform a full and proper analysis. Our portfolio is well balanced and managers we have chosen provide good balance should the patient recover or suffer a relapse. The Eclectica fund (recently added) is structured to benefit from a relapse and should help balance any long equity positions.”