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Skagenfondene - Page 1
Market report N u M B E r 3 ✱ o C t o B E r 2 0 11 ✱ S K A G E N F U N D S . C O M domino effect 5 tulips in Amsterdam SKAGEN lands in the Netherlands reAd the POrtFOliO mANAGerS’ rePOrt ON PAGe 15 6 New upturn? A very good decade in the stock markets may be just a few years away, asserts ole Søeberg 8 A job for Super mario Mario draghi, the new president in the ECB, has a tough task ahead of him 10 dizzying volatility Is extreme volatility the new norm? Paralysed european politicians now need to come up with a credible solution to the debt crisis. if this involves Greece leaving the european monetary union, it may trigger a chain reaction. uncertainty is the stock market’s worst enemy, and has pushed share prices back down to financial crisis levels. read more in torgeir høien’s macro comment and the portfolio managers’ report. Page 15 t he A rt OF cOmmON Se NSe