The Absolute Return Letter - December 2012

Absolute Return Partners turned 10 years old only last week. We celebrate this milestone with a major overhaul of our brand. Unless you are a first time reader of this letter, you will notice the new look. Likewise, our new website will be launched in the next few days. At the same time our URL will change to arpinvestments.com.  For reasons that we shall not waste your time with, we have to keep the old website alive until this letter has been posted but we expect to launch the new website next week.

This month's letter focuses on the short to medium term factors that drive our asset allocation and portfolio construction. All research suggests that financial markets are not driven by economic fundamentals in the short to medium term, so why should the investment process be?