In our opinion, Europe remains a fertile region for long-term investment. The sovereign debt crisis
is solvable, Europe is more than the Eurozone, and we have the freedom to be selective in an attractive
assortment.
Despite the companies in which we own shares producing good results on the whole and being positive about the future (an optimism we share), the stock markets have been weighed down by a number of macroeconomic and political worries during the period.
Hugin & Munin - December 2011