In view of the global recession, the price of oil has now fallen from a high of $147 to $37 (24 December 2008). This fall in price is a reflection of the current global demand picture. Our view is that when we come out of the recession in about 12 - 18 months the price of oil will continue its upward trajectory. Demand will again outstrip supply with Chindia resuming its voracious apetite for oil. The debasement of the US dollar, the government infrastructure spending, and the lack of oil projects brought about by a low oil price during the recession will ensure a sharp oil price recovery. We envisage oil will at least double in 12 - 18 months time

The world food shortage has taken a back seat to the global credit crunch. But nothing has changed here - the world population is growing, global warming is negatively impacting agriculture, there's a shortage in agricultural land, and Chindia's population will demand more protein as they become more affluent. Inflation and Oil price recovery will ensure higher prices for grain.

The world food shortage has taken a back seat to the global credit crunch. But nothing has changed here - the world population is growing, global warming is negatively impacting agriculture, there's a shortage in agricultural land, and Chindia's population will demand more protein as they become more affluent. Inflation and Oil price recovery will ensure higher prices for grain.

Chinese stocks have been beaten down but the China growth story will continue long after the credit crisis is over. Rather than investing in any single company,we have decided to invest in a China Fund focussing on the leading Chinese companies.