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Bottom? Not in sight. Not close.

A point will come when a number of indicators are flashing green, telling us to buy. I will go through these in the Teleconference on Tuesday. In the meantime, you must be clear that we do not appear to be anywhere near a meaningful bottom – on the contrary. For those of you tempted to dip a toe in now, I am now going to unashamedly try and dampen your enthusiasm.

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