by Egon von Greyerz âÂÂ Matterho Asset Management
This month we will discuss what is likely to be a major change both in sentiment and in the economy in the next few months. The autumn of 2009 will be full of shocking surprises in the banking sector, in financial markets and in the world economy. The events that we outlined in our previous newsletter, âÂÂThe Dark Years Are HereâÂÂ are going to start unfolding. There will also be shocking falls in stockmarkets, in the dollar and in bond markets. But these falls will create major opportunities for investors which we will also discuss.
The syndrome of hope and false expectations
Some readers might feel that we are prophets of doom and that there is only gloomy news coming out of Matterho Asset Management. For people who want only good news we suggest that you listen to politicians or read the newspapers or your average stockbrokerâÂÂs forecast. This is where you find the good news. But if you do listen to these people, remember that virtually nobody waed you about the events in the last couple of years, and that today most of these people are saying that the worst is over. And this is also what stockmarkets are telling us, isnâÂÂt it? These âÂÂoptimistsâÂÂ whether they are politicians, bankers or from the media all make their living based on good news and this is why they will continually tell you lies and never wa you about the risks.