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The Optimist Sees The Doughnut; The Pessimist Sees The Hole

It is safe to say financial markets and commentators thereon have been obsessed with one topic and one topic alone through the third quarter of 2013; QE tapering. The number of column inches committed to why, when, by how much and for how long to taper has been almost overwhelming and many have fallen headlong into what can only be described as analysis paralysis. Clearly, the questions posed are extremely important, but we are not shy in saying we do not know the answers and one could argue that those extremely intelligent folk at the Fed are struggling too.

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