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Wry & Dry - A weekly review of wealth management matters through a cynical eye
Unjustifiable Dickensian misery. And next W & D is Feb-2012.
Emotion has enveloped the average Australian investor in an unjustifiable pall of Dickensian misery.
Consider the emotional wrenching confronting this investor.
He/ she knows:
- Australia will continue to grow at about 3% p.a., with inflation of about 3% and unemployment of about 5%
- The share market is cheaper than the GFC trough, with a dividend yield on shares higher than term deposits and expected 3 year profit growth of close to 10% p.a.
- Australia's banks and financial system are about as safe as it gets. Moody's, the credit rating agency, today affirmed Australia's AAA credit status
But he/ she feels, well, miserable:
- Everyone is saying Europe's debt problems are insurmountable
- Everyone is saying the US economy will never recover
- We are at a political competence nadir not seen since the shambolic days of McMahon and Whitlam
And the feelings overwhelm the knowledge. In spite of the best of times.
Why is it so? Let me later join the dots.
Elsewhere...
- Germany's business sentiment index rose to 107.2, above expectations
- US new home starts jumped 9.3% in November
The above is the first few paragraphs of this week's edition of "Wry & Dry". To read the full publication please click on the link in downloads below. If you wish to subscribe to "Wry & Dry" and "First Hand" please click on the gold button above.
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