Why are we bothering? • It puts me on the spot!

• These are ‘’interesting times’’

• This is what we do

• When did you last hear from your existing adviser?

DWC versus Index Linked Gilts

• Continuing opportunities derived from emerging markets

•UK stock market not expensive (but is it cheap?)

• Likelihood of higher inflation

Last time we highlighted....

3 LONG TERM investment themes

Emerging consumer arrived alreadyImpact is global

• Biggest takeaway in China?

• Where did BMW increase sales by 80%?

Last 10 years:

• US stock market + 27%• UK stock market + 62%• M&G Global Basics +249%

Nestle, Heinz, Unilever, Lonmin, Newmont, Chevron, Colgate, Miracle Gro, Starbucks, KFC

Emerging consumer arrived alreadyImpact is global

Emerging consumer The future?

• Not the beginning of trend...

• Last year, more cars sold in China than US• 700 cars per 1000 people in US

• 10 cars per 1000 people in China

• THINK ABOUT IT...

• For example:

• Upward trend in a broad band

• You could just be unlucky!

How markets make progress

Shorter term issues.....

•Greece/Eurozone

• US in a pickle

• China tentative transition

Why Greece matters

• Assume orderly default• But ongoing concerns• Will Eurozone survive intact?• Debt is global problem• US/UK/EU on verge of new recession

THE WAY WE WERE

Bulk of population:

• Peak earnings• Peak consuming power• Peak taxpayers

Interest rates fallingEasy debt Growing confidence all roundGrowing government confidence

• That was 1980-2005

THE WAY IT IS, AND THE WAY IT WILL BE

Growing proportion of population:

• Past peak earnings• Past peak consuming power• Paying less tax Interest rates?No one wants debt Falling confidence Growing government indecision, promises withdrawn THAT IS 2005-2030

• Fidelity Moneybuilder Income + 3.7%

•M&G Corporate Bond +5.4%

Performance figures are for the last 6 months

• Insight Absolute Insight -0.6%

• Standard Life GARS +0.1%

• FTSE 100 -10%

Investments that work now

DWC +86% Stock market +44% St’broker +45%

How we performed

Timing – Tough problem, straightforward answer

• Opportunities, such as emerging markets• Also income, 5%+, with income and capital growth• Drip-feed through Wealth Management Platform• Automatically, every month, 12 or 24 months

You need a plan

• Bad planning• Poor investments

• Your objective• Your attitude to risk• Best possible funds• Continually monitored

Have a plan – Don’t panic

However uncomfortable it may feel