Inflationary pressures and changing sentiment make for a slippery ride

I go snowboarding a lot and July reminded me of how you feel when, all of a sudden, you hit an ice s...

I go snowboarding a lot and July reminded me of how you feel when, all of a sudden, you hit an ice sheet. Everything changes very quickly and it is all about regaining control before setting off again. I started 2008 with a core view of being relatively cautious on the UK economy and having a much more positive outlook on oil and metal prices. By this summer, the market seemed to have come round to my view of the world. Indeed, for many consumer cyclical stocks, sentiment seemed to have gone past my bearish view and into 'deep recession' territory. Meanwhile, expectations on the banks see...