Teun Draaisma Quotations

We're still optimistic on equities, we think they offer good value, and we're still playing the cyclical theme.

Central banks are raising interest rates, and that's risky for stocks. Expectations for earnings growth are too high.

I would not say we have had fantastic news in the last two days but there is a little bit of an opening in the Iraqi situation and things may be getting a bit better there.

With liquidity still strong, some valuation headroom remaining in our composite valuation indicator, and growth almost everywhere around the world stable to strong, it is hard to see why equity markets would not rise in the first part of 2006. We expect the positive equity market environment to run through into the first half of next year.

Profit growth is going to slow down dramatically. It's not a great level to be entering the equity market.

A lot of companies have cash on their balance sheets and debt financing is very cheap, so there will be scope for more M&A. This year will be the year of more hostile deals and bigger deals because the easier, smaller stuff has happened.

Socially it's a big thing but I don't think this will affect the stock market at the moment. If it escalates further it might but it would have to be a massive escalation for it to really hurt the market,