Global Winds of Change
MICHAEL PAGANO: We have a very distinguished set of speakers on this panel. I will start things off with a few questions but, as Bob always says, please feel free to ask us questions from the floor at any time.
The title of the panel is the Global Winds of Change. I will start with Martin Reck. Martin, given the panel’s title, would you say that the winds buffeting today’s global equity markets are a summer breeze, a hurricane, or something in between? What specifically is driving these winds?
MARTIN RECK: Mike, I learned to sail when I was a boy. It is always good to have wind. If your boat is in good shape and you have a good crew, let the wind come. There is nothing bad about that. To continue with your analogy, today the wind is increasing. We have to focus on the factors that are triggering that increase. Today, market consolidation is the name of the game. That has been the case during the last 18–24 months. The new thing is that it is now happening across different time zones....