Michael Richter

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From Fund Selection 01 October 2005

By PWM Editor

“Although oil prices are still very high and may not come back within short period of time, we are quite confident that equities, which still are relatively attractive compared to bonds, will continue to perform very well. Therefore, we leave our portfolio unchanged and remain overweight in stocks. Emerging markets should keep on delivering an especially strong performance, as these countries benefit from the generally high prices of resources.”

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