Bernard Aybran

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From Fund Selection 01 December 2006

By PWM Editor

“Third quarter earnings keep coming up pretty impressive, almost twice the return of the stock market, as far as the US are concerned. This means that stocks keep getting cheaper and cheaper. Investors must keep in mind that valuations are not of any use when it comes to spot inflection points on the markets. However, the balanced portfolio is still tilted toward equity funds in general. We have added a new manager: New Star’s Richard Pease, a manager we trust to to outperform European benchmarks.”

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