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Quarterly Newsletter - Autumn 2014

The message of impending doom that may have pervaded the last issue of our Newsletter might have seemed somewhat misplaced against the backdrop of generally benign markets and broadly coordinated policy approaches across the globe.  We warned at the time of undue complacency and the apparent acceptance of risk.  Indeed, we argued that the ‘new normal’ was distinctly abnormal.

Since writing that Newsletter on 25th July, the markets seem to have suddenly woken up to the potential headwinds which could so easily presage the end of the era of relative calm that has marked the last few years. 

Indeed, the markets initially continued on their gentle upward path, but things changed markedly around the middle of September.  Since we wrote in July, the major equity market indices have fallen back ...