Peter Fitzgerald

“A number of years ago, the theory of decoupling was in vogue with many market participants advocating the theory that emerging markets could decouple and perform independently of developed markets. This proved to be false. The question now is can the US market ‘decouple’ from the rest of the world. I suspect they may have greater success than the emerging markets. We have maintained our asset allocations constant during this difficult period but have reduced European equities and increased our allocation to the US.”