Better late than never

George Bush's $US150 billion rescue package will do little to help the US economy. The next US Administration must create a wide-ranging, $US300-500 billion plan if it wants long-lasting reform.

"Better early than never," I always say. And since never is a long, long, time – being late is OK too. But early – yeah early – is a portfolio manager’s best maxim. In this case it has nothing to do with birds getting the worm or being the first runner out of the starting blocks, but more about being positioned when markets move into crisis mode. Risk assets in a highly levered, financed-based global economy can move so quickly to the downside that by the time you hear the birds chirping or see the starter’s gun smoking the race may be already half over.

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