At first sight the results are very good, but a second look shows a mixed picture.

Hungarian stocks look cheap. The risk is already priced in.

In the Czech Republic, competition is so fierce that there is no way of growing margins. You can only grow volume.

Companies are cautious for the second half of the year. It's been a mixed bag so far for results.

It's a mixed picture, ... If they cut it by a quarter point, that might be good. Anything greater than that, I think people will take a step back and say, Maybe [the Fed sees] something we don't, that the economy's a lot weaker than we originally thought. That will start to put pressure on to tech stocks in general.

The first thing you must know about me is that I always stand what I stand for. Good? The second thing you must know about yourself listening to me is that words are tricky. So when you know what me a stand for, when me explain a thing to you, you must never try to look 'pon it in a different way from what me a stand for.