Patrick Evershed
Manager of New Star Select Opportunities Fund
FTSE 100 5,250 (5,500). I fear the very large Government budget deficits, record levels of personal indebtedness and dangerously large trade deficits in the USA and UK will undermine the prolonged period of economic growth and high profit margins.
If the rate of economic growth does slow and profit margins come under pressure at least some of the exceptionally highly geared private equity funds could find themselves in trouble.
Top share Oxford BioMedica could complete value enhancing deals during the year. The first could be for its lead cancer drug – TroVax. The second could be for its Parkinson's treatment, which is reputed to have gone exceptionally well in pre-clinical trials, and the last is for its LentiVector drug delivery system which is in demand from other pharmaceutical companies.
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