The European market and discount ‘the worst, Lehman
“A week ago the market has reached a valuation that discounts the worst case scenario,” said Ian Scott, a strategist at Lehman brorthers, “because the European market has lost another 10%. The current prices of securities down an estimate of expected profits of 41%. ” The strategist has increased its position on the banks and financial and some titles reduced as cyclic. Also positive on telecom, technology, and recommend titles of underweight defensive.