We live in interesting times. The election of Barack Obama certainly signifies a new era and from a symbolic point of view I think this will be seen as one of the great moments in history. It should not only mark the beginning of the end not only of racism but the belief amongst minorities that the dice are necessarily loaded against them.

There is also something very worrying, the spectre of big government and the need to fund it during a serious economic downturn. Extensive government programs will put a further burden on the tax payer and the US may be setting this agenda for the rest of the world.

Accordingly I sold a lot of my stocks yesterday – I don’t think this is going to be an easy time for business. There may well be a continuation of the rally, especially with stocks having been so heavily beaten. But with the end of laissez faire capitalism they can easily get beaten some more.