The extraordinary efforts of the US authorities to contain the crisis have borne fruit over the past year, with some stimuli yet to be implemented. The US stock markets have recovered strongly. Throughout the world, the general mood of despair felt a year ago has given way to a fresh wave of optimism, with the financial system slowly but surely climbing out of the abyss into which it had plunged.

There is considerable liquidity in the market that can be reinvested and, while over the past year it has been the most cyclical stocks that have recovered, the market should now be turning its attention to company earnings. The high US growth stocks, showing visible and stable long-term returns, appear in the present climate to be well-positioned for the year ahead.