| With the fifth consecutive interest rate cut this year, on May 15, the North American stock markets have rallied considerably from their mid-winter market bottom. While interest rate declines are generally a positive development for equities we are still concerned by a soft economic outlook, relatively poor corporate earnings and a stock market which is not exactly cheap. In spite of this view, we believe judicious fundamental-value stock picking and persistent investor discipline will remain key to a successful year 2001 investment return.
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