Week Begining Monday 20th March

A remarkably period of low volatility on both our own and global stock markets with low levels of trading for the index as a whole.

The US Reserve Bank as anticipated raised interest rates last week but made it clear that this reflected improved economic conditions which seemed to be accepted by the market.

As always there are stock specific events and I would think this is a reasonable environment for merger and acquisition activity

The real growth potential remains in the monetising of new technology which disrupts the incumbents however for every winner there will be more losers so not for the faint hearted

With 'big data client management' now becoming the norm we probably need a period of stability to collectively adjust to all this change and avoid a bubble investing in new business models which are disrupted themselves in a few short years

Encouragingly $72B of Dividends are currently being paid to investors after the Australian Half Yearly Reporting Season which underpins so much of the cash flow needs of investors

Hopefully we can get a solid run now up to Easter

Tony

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