Back to School/Harvest Festival

- Pan-European — Back to School
Revision — "Risk off in 2008. Risk on in 2009. Risk on and off in 2010. Mixed macro. Strong profits. Attractive valuation. Conundrums, crossovers & cults."
Homework — "Key themes include: growth/EM, quality, size, country and deequitisation. We raised beta in early May and early July. We lower beta now."
- UK — Harvest Festival
Autumnal colours — "Easing macro trends suggest earnings estimates are too high. But this looks more than priced into markets. We maintain our 6000 FTSE 100 target."
Under the duvet — "Quality bias, backing earnings momentum, emerging markets exposure, de-equitisation and size tilt are the key themes."


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