Investment comment
October 2009
Economic and market background
A year ago, Lehman Brothers had collapsed and the world's financial system had appeared to stand at the edge of a precipice amidst a credit crisis of unprecedented global proportions. However, by the third quarter of 2009, investors had recovered from the sense of disorientation and panic that had overwhelmed them previously. They were reassured by progressive signs of stabilisation in economies and credit markets, supported by the highly accommodative policies of governments and central banks, and encouraged to put their cash to work by the derisory returns available on deposits. Asset prices, in sharp contrast with a year earlier, rose almost universally.
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