So it is possible to resolve hideously warped markets with the quest for attractive equity investments at sensible valuations. But it necessitates conviction investing, a respect for traditional investment principles, and a healthy disregard for the benchmarks that will snare many less discerning investors (and their advisers). And in the words of Wayne Gretzky, don't skate to where the puck has been, but to where it's going. The puck is going to Asia - we have no doubt about this secular trend whatever. And cushioned with the buffer of a heavily defensive equity thesis, we're very happy to follow it there.

David Fuller's view I agree.