How can the public purse be brought back into balance?

ON ASSET ALLOCATION

Thames River's Gary Potter says asset prices must at least stabilise and then gradually improve.

Having been involved in manager selection for almost 20 years, I have interviewed more managers than I care to remember. Some have been excellent, many average and of course there have been some poor ones. But never in my career have views covering the outlook for both economies and stock markets been so polarised between the bull and the bear case, with some switching camps periodically and some holding different views depending on timeframe. Clearly the world, and specifically the Western world, remains highly indebted and the process of debt restructuring and deleveraging will take...