General

The US is a very resilient economy
In 1987 many investors shorted the US market due to worries about consumer spending
20 years the American consumer managed to still hang in.

Euroean equities long
growth and currency basis stay long on Europe
three years good run
Q1 was good in Europe
more difficult for equities to rise in a rising interest environment

Cost savings on banks
What internet and technology has done to financials is that you can squeeze a lot of cost out

will under sarkozy french market be watched more?

Utilities takeovers
UK utility consolidation
almost all sold to Euroeans
5-6left, there were 30 when electricity and water were flaoted

Defence
robust defence spending
consolidation
Babcock

Short sectors
Consumer is coming under pressure

People arer gambling that asset prices are always rising.