Pierre Bonart

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From Fund Selection 01 February 2005

By PWM Editor

“In 2004, financial markets posted performances in line with their level of risks: equities performed better than bonds, which in turn performed better than cash. Risk aversion was high as a consequence of the 2000-2003 equity bear market and it shouldn’t diminish significantly in 2005. Therefore, we don’t expect equity valuations to improve by much: equity returns will be driven by earnings improvement. With fixed income, the risk is asymmetric: there is a higher probability that interest rates fare higher, however, in a moderate way.”

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