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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. 

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. 

In the aftermath of The Great Bubble, prices have steeply corrected. Most major markets have now declined on average by 50% or more over the last 3 years. 

Our pharmaceutical companies also had a tough year. They were able to maintain their profitability, but there seem to be very few new blockbuster drugs in the pipeline.