Recovery around the corner is just wishful thinking

Freddie the fund manager is just back from his holiday in Ayia Napa and bounces into the office hoping that, in the couple of weeks he has been away, the global slowdown has run its course and a comeback is imminent. He's certainly up for it. The portfolio is awash with cash and he's had time, between the bar and the beach, to dream up some cracking ideas. Freddie's confidence is boosted because most of the City's highly paid economists are saying the revival of key markets is due any moment. His institutional clients, although a little nervous, are desperate to believe the 'buying op...