Selling assets to reinvest in expensive companies is not normally a sound strategy.
We don't know how big the (Rita's) impact will be but the market is being quite rightly a bit cautious ahead of what is an unknown. It's not just the hurricane; U.S. rates are rising along with other different things, and valuations are just not as cheap as they used to be.
The news today would've had to been pretty dreadful to push the stock down further.
The full-year results season coming through in Europe so far looks pretty positive.
The outlook for equities in Europe remains pretty reasonable over the next 12 months.
For the time being, the jury is out on whether that is a sensible strategy.
There will be good and bad results as the impact of the weak dollar has been priced in in some stocks but not in others.
