The past month in review

"There was lots of noise culminating in a strange outburst of emotion about the collapse of an unappealing, extravagant but ultimately unimportant property bubble in Dubai. In the meantime gentle healing continued in the US economy, rapid growth continues to take place in China, India and Brazil and corporate earnings have continued to rebound impressively with technology giants generally leading the way. We see no reason to change tack." Stalwart manager James Alderton, speaking from the northern fastness of Scottish Mortgage.