May was yet another month of risingshare prices on the world’s stock exchanges. In the USA, the S&P 500 Index ended up 5.6 per cent, while Europe, measured by the MSCI Europe Index, rose by 4.4 per cent and the Nordic region, measured by the MSCI Nordic Countries Index, rose by 4.3 per cent. The Oslo Stock Exchange Mutual Fund Index ended the month up all of 16.5 per cent.

The year 2008 has gone down in history as one of the worst years ever for equity markets. It is, however, precisely in bad times that the foundation for good, long-term returns are often created. Massive financial aid packages also provide opportunities for many of ODIN’s portfolio companies.