Un po di storno nell'ultima mezz'ora prima del week no? che poi chissa cosa si inventano nel week end questi...
conclusion by Russell Napier of CLSA:
Let's get to the bottom line. A deleveraging process is under way. It can happen against a background of bankruptcy, deflation, declining cash flows and bank bankruptcy or in a slower way against a background of inflation. Both reduce the debt burden, but one is socially jarring and led in the past to mass unemployment and arguably WWII. Democracies will choose the inflationary approach. This is not evident today, but it will be more evident soon enough as the BoJ, ECB, BoE and others realise that their current monetary policy is driving them not to slower growth and lower inflation but to deflationary calamity. Today, you can see the calamity of the deflationary disease but what will you see tomorrow, or the day after, if the monetary cure pours from the medicine jars of the global central banks?
It's your call. Nobody is asking you to be brave as most of us are in the business of buying equities somewhere in the world. This is a business we still hope to be in next year. Now, as a fiduciary do you want to commit your funds to equities in economies where deleveraging, albeit against a background of inflation, is almost inevitable over the long term? Or perhaps if you are in the business of owning equities, perhaps you should consider committing your funds to equities in economies where loan-to deposit ratios are low, consumer and corporate gearing is low, savings are high and many external accounts are in significant surplus? It is that time when anybody who still wishes to be an investor in equities next year has to make the choice between these two conflicting systems. It's your call.