The markets have been unusually resilient to bad news. As noted earlier the risk-on trade has been evident in blue sky areas like e-commerce and biotech, and in recent weeks this hunger for open-ended opportunities has been met with a growing queue of placements and listings. It would be no surprise for the markets to have some retracement, but the general improving economic tone and still massive printing of money suggests that a retreat in prices should be used as a buying opportunity. At present we have no shortage of potential buys. Kerr Neilson Managing Director