M&A and releveraging: Transactions are yet to happen… Support factor
2011
Short term rates
Long term rates
Quantita tive Easing
Real estate
-
Gov’t liabilities
Commodities foreign currency
Adaptation of companies
Restocking and investment
M&A and releveraging
Stock valuations
--
-
x
x
Technical factors
/
-
Europe's volume in 4Q rolling bn€ Eurostoxx 600
400
1 400
350
1 200
300
1 000
250
800
200
?
150
600 400
100
200
50 0 Dec-99
Flows (stock allocations)
Dec-00
Dec-01
Data as of 31/12/2010. Source: Bloomberg
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
0 Dec-10
INVESTMENT STRATEGY 2011
18