Redwood: We were always vulnerable to aftershocks

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As we feared, this is proving a difficult year for investors. We have long thought the best in world share markets was over.

Last year's substantial gains heralded the recovery in world economies from the worst of the credit crunch. The dislocation that caused was always likely to extend a long shadow, and leave us vulnerable to aftershocks. The main unfinished business from the credit crunch arose from the transfer of so many liabilities from the banks and the private sector to the governments. In Europe and in the USA governments plunged into extra borrowing as if they no longer had to obey the laws of economics. Underwriting or assuming banking liabilities was just part of a massive expansion of their sp...

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