Global Macro Trends, Including Energy

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Global Macro Trends, Including Energy

• David Fuller
• Global Strategist
• Fullermoney.com
• Addressing the
• Nordic Association of Electricity Traders

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A Fullermoney Theme Since 2003Supply
Inelasticity Meets Rising Demand
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Some NAET Markets
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Returning to Fullermoney Themes
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Precious Metals Are Still Underowned
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Global Stock MarketsWobbly West versus
Enterprising East
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Best current opportunities on Wall
StreetBig-cap technology and other
multinationals, which benefit from the weak US
dollar
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European stock markets better than
inflation-adjusted Wall Street but losing
momentum as concern over GDP growth and profits
increases
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At the centre of todays problemsWestern
bankssignalling slower growth
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What about Asian Pacific banks?Strong except
for Japan
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Fullermoney Investment ThemeSince 2003Emerging
Asia
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Fullermoney Investment ThemeSince
2003Industrial Resources
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Fullermoney Investment ThemeSince September
2007Technology
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Fullermoney Investment ThemeSince 2003Asian
Currencies
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Fullermoney Theme Since 2001The US Dollars
Long-Term Decline as the Worlds Main Reserve
Currency
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Fullermoney Theme Since 2003The secular bull
market in long-dated government bonds is over a
new bear market for bonds will eventually emerge
as resources, including food prices, gradually
lead to higher inflation, although this is less
of a problem today
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Top-10 long-term investments in my personal
portfolio,by weighting
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Thank you for your interest.Any questions?