February 2013

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Bullish Equity Case Losing Steam From A Fundamental Point Of View

Comments out from Barclays Capital this morning: They’re looking for the bullish equity window to stay open for 1-2 months but think overly optimistic expectations are priced already. Equity investors have looked past weak company fundamental growth, instead discounting, in our view, overly optimistic forward expectations. This now leaves the equity market in a precarious position: if growth slows, then Fed fears will ease, but earnings growth will not accelerate…


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Tranquil Investor Base – Strong Probability Of Policy Responses To Adversity

This comment from Michael Gavin, Barclays Capital, makes a lot of sense and is a good reflection of market sentiment. He notes the rock-bottom volatility, something the economists at Bank of America Merrill Lynch illustrated nicely several days ago. Resilient equity markets, rock-bottom equity volatility, and a rangebound government bond market suggest a tranquil investor base that is not in the mood to be spooked by imminent news on politics…


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Sir Philip Hampton – Royal Bank of Scotland on Salaries at Banks

Answer from Sir Philip Hampton, Chairman, RBS on the issue of pay in banks: I’ve said many times that I think pay in banks is too high, especially investment banks. The bonuses are falling sharply now, especially at RBS. As a general rule I think bonuses are justified by strong financial results. Where the banking industry has failed in recent years is that high pay is associated with poor financial performance….




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Raiffeisen Bank Ermatingen – Local Expansion 2013

Today in the local paper there’s a one page ad by the Raiffeisen Bank highlighting that they are expanding in Ermatingen (the domicile of Zuberbühler Associates Ltd). Some background about Raiffeisen Raiffeisen, the third-largest banking group in Switzerland, is Switzerland’s leading retail bank. Over 3.6 million customers bank with Raiffeisen, and more than 1.8 million of them are cooperative members and therefore co-owners of their Raiffeisen bank. They value the…