Why the market's like a pudding

Bob Michaelson, chief investment officer, Sagitta Asset Management tells MoneyWeek where he'd put his money now.

Bob Michaelson, chief investment officer, Sagitta Asset Management tells MoneyWeek where he'd put his money now.

The second quarter of 2005 proved to be a typical mid-cycle affair. Specific events dominated investor thinking, but the underlying economic picture remained quite sanguine. Investors were thrown off course early in the quarter by some disappointing earnings results and by the downgrade in May of both General Motors and Ford debt to junk' status. Despite the fact that this was quickly followed by some upbeat earnings statements, a bout of nervousness prevailed.

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MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.