March was a weird month. Whilst our American friends submerged themselves in a rather ludicrous and altogether unproductive debate on who is to blame for the fact that the ‘crooks’ at AIG nicked a bonus for themselves, on this side of the Atlantic, Gordon Brown, whose political career is now on life support following a number of embarrassing hiccups, has dedicated the last few weeks to making sure that the G20 summit will go down in history as a resounding success. Even the banks, which continue to show little appetite for lending, have found that the last month offered some unexpected relief, as the preparations for the G20 meeting forced Brown and his lieutenants to focus on other matters.
Now, these distractions are not necessarily bad news because it means that news which would normally hit the front pages won’t always get the attention it deserves which, in the world of finance, can only be regarded as an opportunity. And that is precisely what this month’s Absolute Return Letter is about – events which have happened over the past few weeks which didn’t get the attention they deserved.
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