That's all, folks -" or is it?

Investment Adviser, July, 2006

Another day, another bounce and c'est la vie -" surely by now we are inured to the sight of all the see-sawing volatility around us. The third chart on the right shows that the spike at the beginning of the year was followed by another spike shortly after, and the market has still not fully recovered.

In what has been a long period of uncertainty, the market consensus is still that there is no market consensus. Although the recent Federal Reserve speech points to a cut in interest rates, there is still no way -" and that includes the American way -" of knowing for sure whether the US's landing will be soft or hard, and what that means for the UK's equity and bonds markets.

The markets are apeing the dull but worthy UK film industry, the products of...

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