David Bowers Quotations

The reflation trade is back on. We are seeing more optimism about the global economy.

When there's such a strong consensus, the smart money's already there and there's not much for the marginal buyer to gain by following the herd.

One of the things that stands out about this project is how it was funded.

It could be an economic recovery and a profits recession.

Pounding the pavement, standing up long hours at events, the kinds of things you have to do in a campaign ... It's definitely disappointing and frustrating. But we'll live to fight another day.

Reading between the lines, fund managers are bracing themselves for a bear flattening of global yield curves.

Normally at the beginning of a bull market you would want to be in the economically sensitive stocks, and that's not what's running at the moment.

The most striking thing from the survey is how bullish everybody is.

The upside is critically dependent on an aggressive Fed easing,

The lack of positive growth momentum has undermined risk appetite.

Investors have become a lot gloomier about the prospects for economic growth, corporate profits and margins -- certainly compared with two months ago,

Investors are more confident about Japan. There is a slight wariness about emerging-market equities.

Investors think that the Fed is almost done. That has been a powerful catalyst to get people to commit to equities early in the year.

Higher energy prices have taken their toll of hopes for top-line growth. 'Cost-cutting' as a driver of earnings is back on the radar screen.

Before we get too excited, it's worth remembering that eleven rate cuts totaling 475 basis points have failed to deliver any meaningful economic recovery; they have also failed to prevent a major deterioration in US credit quality.

The euphoria we saw at the beginning of the year about the world experiencing a synchronized cyclical recovery has disappeared. While it doesn't feel like a recession is around the corner, fund managers are clearly less confident that the recovery can be sustained.

All the warning signs that had been detected in recent surveys have come to a head. There is now a deep-seated view that core inflation is on the rise and monetary policy should be tightened. This comes at a time when global growth expectations are already softening.