1. Its rough out there

2. are you an economist?

3. what will it look like at year end?

4. problems persists….

5. gimme more of those 0% yielding bonds

6. Spain.. Nice this time of the year Source: Time. Valencia needs to spend close to $1 million a year simply to maintain the City of Arts and Sciences. That will be difficult for a local government that has to raise 500 million euros through the sale of short-term bonds at rates higher than Greece.

7. fragile Europe

10. austerity.. please can we have less

11. there’s hope here Source: Time, Queens Jubilee

12. ALSI long term

13. what if this becomes the norm?

14. ALSI

15. how does one create gains here?

16. worse here

17. and here

18. Despite PE’s

19. a dichotomy in SA

20. as sweet as a PE of 7

21. worried about everything Source: the economist

24. back to basics

25. thank you