This could mean challenges for some companies; they might see margin contraction.

The overall global economy is robust, and there's quite good demand from many end-markets.

I am overweight chemicals, and I will stick with it.

German companies have stepped on the gas in the past 12 months. They're in conquering mode, and we've not hit the peak yet. There's a real M&A mania out there, and it's increasingly driven by globalization.

Albrecht's Law - Intelligent people, when assembled into an organization, will tend toward collective stupidity.

All you have to do is watch the first minute and a half of the new season, and you know there's no other show like it.