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" In hindsight, it is fair to say that between 2002 and 2007, top-performing portfolios were mostly built around two themes: the globalization of what we have come to call the "financial revolution" and the growing demand, especially for energy and commodities, of emerging markets."
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"The current state of the markets reminds us that there are two key challenges the world has to face. There is 1) a poor world that needs commodities and consumer goods; and 2) a rich but demographically challenged Western world that needs better drugs and healthcare for its ageing population."
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"...the reason for bear markets is to transfer leadership from one set of sectors or countries, to another. (...) And today, the rotational shift within the market seems to point towards the fact that the enxt bull market could well be driven by healthcare."
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