As the water hole shrinks
An old African proverb says “as the water hole shrinks, the animals look at each other differently.” As we contemplate the global financial picture, that proverb is definitely apropos.
From 2007–2009, the world witnessed a financial turmoil comparable to the Depression. Armed with knowledge and experience from the long, post-Depression recovery, central banks (monetary policy) and global governments (fiscal policy) intervened to an unprecedented degree. Last March, market confidence returned and for the past 15 months we have witnessed a rally of epic proportions.
READ MORE LEON FRAZER MARKET PERSPECTIVES MAY 2010