"Regarding the Friday 'email of the day - on last nights audio' thank you David, for taking the time to clarify your thoughts in such detail, all very much appreciated.

"Margaret Heffernan is the author of a new book 'Wilful Blindness - Why we ignore the obvious at our peril' it's well researched with past and up to date examples, some quite shocking and a great read for anyone interested in crowd psychology, it contains the following quote...'Madness is the exception in individuals but the rule in groups'. Nietzsche.

"PS. When you have a moment, could you mention what time period you normally allocate to short/medium/long term?

David Fuller's view Thank you for mentioning 'Wilful Blindness' - a book that I certainly intend to read and which is likely to be of interest to many subscribers. The Nietzsche quote is superb and important for all investors.

Re a short, medium and long-term outlook, at Fullermoney we regard short-term as anything from a few days to several weeks; medium-term as several months to a year or two and occasionally longer; long-term as multiyear. When mentioning secular trends we have in mind at least a decade and possibly a generation or more.