Monday, December 12, 2011


Kelpie capital writes:
One of the most attractive sector of the market is still the large cap, high-quality defensive, global franchises. After a decade of de-rating they have had only a few months of outperformance relative to the cyclicals, the “rubbish” and the small caps.
AVOID THE FINANCIALS. Do not touch the banks. If Italy takes a haircut they all blow up.

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