Christian Jost

“Since the beginning of 2009 international stock markets have been marked by a high degree of volatility. Due to negative economic forecasts, mainly triggered by the growing necessity for government intervention in the banking sector, and disappointing quarterly results, equities continued their downward trend. Recent data confirms the scenario of a sustainable global recession. It remains uncertain as to how far the bailout plans introduced by several countries will be able to provide the desired relief. In our portfolio, equities, bonds and real estates were reduced in favour of cash and commodities.”