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In the past year, markets generally performed well, especially for European investors. However, despite good economic growth and the very attractive profitability of US companies, the returns for dollar investors were disappointing. 

Profits so far have progressed satisfactorily and the economic outlook is not unfavorable. But, after two good years in the stock market, uncertainties are growing. 

Offensichtlich haben Regierungen, Gewerkschaften und die Öffentlichkeit zugestimmt. Heute erreicht die Profitabilität 7.7% des nationalen Einkommens, ein Spitzenwert. Natürlich kann sie noch mehr ansteigen oder sie kann auf diesem hohen Niveau verharren. 

As you may remember we have been quite cautious on the outlook for the markets at the beginning of the year and still are not exuberant. Instead of stocks we have emphasised high yielding bonds in the accounts, so the present lack of positive momentum is not really a surprise.