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Commodities have pulled back considerably over the summer, and at times like this it can be difficult to maintain conviction in the long-term bull market story.
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As 2008 drags on it will not be remembered with fond memories by equity investors. It looked as though the rescue of Bear Stearns in March was going to be a turning point.
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“When you stop getting the return, you stop getting the cheques,” says Howard Smith, Fund Manager at Quadrant International Management (QIM).
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The AUD has suffered its worst sell-off in a number of years, dropping 12 cents in just three weeks. A peak in oil prices and commodities in general has been a key factor, but an apparent peak in Australian interest rates has also removed a key element in favour of the AUD.
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Portfolio
