TO OUR CLIENTS:
The market today is faced with the age old conundrum of whether to believe what it sees or what it fears. Corporate pro?tability has remained robust, yet the market is giving these pro?ts a below average valuation. The reason for this anomaly seems clear; the ?nancial crisis in the Euro zone and the fear that its effects will spill over and infect the global economy.
PzenaQ42011
