The majority of companies have now reported and while we hate using the old cliché, its been better than feared, much like the broader economic outcomes that have played out over the past year which has prompted a more aggressive stance by central banks globally – the imminent recession is getting less airtime and markets are reflecting that. As we’ve written at nauseum over recent months, we’re neutral at the index level but that belies significant action that’s unfolding under the hood, a theme we expect to continue, creating a great environment for stock picking, as long as you pick the right stocks!