Bernard Aybran

“Last year was the fourth year of positive performance in a row, and it is unusual that equity markets rise five years in a row. However, it is likely 2007 could be one of these years, for several reasons, ranging from economics to valuations and liquidity. Our balanced portfolio keeps increasing the US equity weight. The remaining commodity holdings have been sold: the sector could go through a momentary weakness while investors are fearing economic and market cycles are heading to their late stage.”