Beware of stockbrokers bearing gifts

In November 2003, EXECUTIVE predicted that the revival in stocks would prove ephemeral (‘Happy Days?’, November 2003), stressing that technical and even fundamental factors would prevent a genuine new bull market from developing out of the ruins of the old. Furthermore, the dizzying move up from October 2002 appeared to be mostly a corrective move up within a secular bear market. After a sharp speculative blip in 2004, the stock indices have rolled over showing negative returns for the year, and leaving many Wall Street analysts and most economists quizzical. The reality is hope of recovery does not a recovery make. In fact hope, in matters of money, is a fatal ingredient. What we are witnessing now is the return of the bear market in full force. Pundits and most commentators, especially ones that want to take your money away, seem focused on many issues to highlight that in their