Current market conditions require good old-fashioned stockpicking

Continued deterioration in the global economy and persistent cost pressures have brought investors t...

Continued deterioration in the global economy and persistent cost pressures have brought investors to a crossroads. Arguments that seemed so seductive just a few short weeks ago, such as the 'decoupling' of developing economies, 'peak oil', or the 'dot corn' boom in agricultural commodities have rapidly unravelled. An environment where good old-fashioned stockpicking prevails looks to have been ushered in. In this context, we strongly believe those companies that can continue to grow through and despite the cycle will be re-rated at the expense of those companies who have simply relied on...