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Quarterly Newsletter - Winter 2011


Whereas the Queen last year could enjoy her grandson’s wedding and her husband’s 90th birthday, investors had a torrid time and could call 2011 their own “annus horribilis”. 

With the exception of the US Dow Jones, which went up by 5.5%, every other major stock market index fell, the worst being the BRIC index which recorded a negative 24.8%!  UK gilts were an exception (up 11%), the rise signifying that investors were looking for a safe haven.  Gold, another traditional safe haven, recorded its 11th consecutive positive year (up 11.2%) but ...

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