The bank-shaped recovery

June 1, 2009

According to a Barclays Capital survey published today, just 17.5% of investors think recent market gains are sustainable.

Global markets have lifted by some 60% since their bottom in march.

Last Week Gillian Tett wrote in her column in the FT that she sees the recovery as “bank” shaped - not V, W, or U shaped, as the analysts would have it. By “bank”-shaped, she means the shape of the word “bank” in the Pitman system of shorthand:

This’ll happen if the survey data is correct - and investors are going to sit on their hands from now on, negating any further rapid gains - but only if there aren’t any further big shocks…

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