As for equities as a whole, we are not expecting a great performance over the next 12 months.

The performance of European equities corresponds closely to the strength of the dollar.

Profit forecasts for Europe are still far too high.

They have been appallingly managed, particularly regarding acquisitions. Shareholders will be asked to dip into their pockets to pay for management mistakes.

We think the odds are that a recovery is under way but we don't think it will be a terribly strong recovery, and our biggest issue is that valuations are not particularly attractive even now.

I'm very happy with the performance of all the kids. Even in the losses, they gave it all they had and I never ask for more than that.