Stockmarkets collapsing all across the world? Central Bankers derided in their counting houses, or, worse, menaced by trial and imprisonment? Grim fears of double dip recessions gripping investors? The end in Chaos and old Night of the longest bull run known to modern man? The year 2002 appears to have comprised all this, and more besides. By mid-October, the Dow was down around 30% on the year, bond yields were hitting lows not seen for decades, and stockmarkets across the world were starting to shudder in real earnest, as investors fled to the relative safety of the fixed interest markets. It is almost as if the lagged impact of 9/11 took about a year to catch up with investor sentiment. But the year 2003 ought to see substantial recovery in sentiment, as the US moves to complete its global repositioning. This seems bound to include a major realignment of the $; otherwise Ford may well file for Chapter XI. The upcoming year should witness a rebound in the Dow to some 10K and...

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