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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. 

After an outstanding year 2003 and a positive first quarter 2004 the political and economic outlook has worsened. 

Financial markets are very liquid, because the US Federal Reserve Bank is trying to avoid a deflation at any cost. Interest rates are very low. 

1996 was another good year, which we did not expect but in which we participated. Fortunately we are investors who are slow to buy and even slower to sell. It really paid to be patient.