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Henry Thornton - Investments : A discussion of economic, social and political issues Investments 2005 - a global perspective Date 04/01/2005
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A global macro hedge fund manager shares its thoughts about the investment outlook for 2005


Disclosure: Henry Thornton's founder and editor, PD Jonson, is Sequoia's investment director.


Sequoia Capital Management Ltd's Australian Financial Services licence is no 2442573
By Sequoia Capital Management Email / Print

Sequoia Capital Management's investment outlook for 2005 is presented here.


In summary: global growth is seen as only a bit slower than in 2005, with inflation a bit higher due to slower productivity growth.  The price of oil will remain high, agricultural products may gain at the expense of the metals and the US current account deficit is likely to cause more volatility in financial markets.


The main risks to this generally positive outlook for 2005 are extreme UD dollar weakness,  larger than expected  US interest rate hikes, the price of oil above $US50, ending/slowing of house price rises and subsequent slowing of consumer demand in advanced countries and (of course) terrorist strikes.


Sequoia Capital Management Ltd's Australian Financial Services licence is no 2442573


Sequoia may be contacted via its website www.seqcapman.com


General Advice Disclaimer
 
The information, opinions, estimates, conclusions, material and other data (the "Information") presented in this document are provided to you for information purposes only. The Information has been obtained or derived from sources believed by Sequoia Capital Management Limited ("Sequoia") to be reliable, but Sequoia makes no representation or warranty, express or implied, as to their accuracy or completeness. To the extent permissible by law, Sequoia, its employees, agents and advisers exclude all liability for any loss or damage arising directly or indirectly as a result of any person acting or relying on the Information.


This document contains general securities advice only and it is important that you understand that this general advice does not constitute a personal recommendation to you. You should also understand that Sequoia has NOT tailored this general advice taking into account your particular investment objectives, risk profile, financial situation or needs. You must therefore carefully assess whether this general securities advice is appropriate for you taking into consideration your own personal circumstances before making any investment decision.  You are advised to contact an independent adviser for individual advice before acting on the basis of any of Information contained in this document.


Any projections contained in this document are estimates only and may not be realised in the future. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.


Finally, in accordance with the Corporations Act 2001 (Cth) please note that:
(a)           Sequoia may receive fees and commissions concerning any or all of the entities which are the subject of this general securities advice. Details of those fees and commissions are available on request; and
(b)           Sequoia and/or its employees may hold securities or rights to take up securities or may intend to acquire securities in any or all of the entities which are the subject of this general securities advice.


 


 

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