Short stories are not all bad

Fund managers quizzed recently about their investment themes for the coming year have come up with t...

Fund managers quizzed recently about their investment themes for the coming year have come up with two recurring ideas. The first is that there are pockets of selective great value out there. In short, some companies with great balance sheets, sound cash flows and proven managers have been de-rated by the market to an overdone extent. The second and, in a way, opposing theme is that other companies and shares look badly exposed to downwards risks and slashed dividends. On top of that, the impact of new accountancy rules - the buzz words are GAAP (Generally Accepted Accounting Principles...