Investment Manager’s Report:
Someone once said that there are certain things that cannot be adequately explained to a virgin, either by words or pictures. It is therefore with some trepidation that I will attempt to outline our present investment policy. The portfolio today was devised three years ago when we had concluded that the onset of a powerful bear market was imminent. We calculated that this would be bad news for the economy as much capital had been invested unwisely. Spending would have to moderate and the economy would decelerate. The coincidence of historically high debt levels, we reckoned, would galvanise monetary authorities and their printing presses.
