Lex Investment Navigator, July 2006

	US	Europe	UK	Japan	Emerging markets
Cash
Bonds
Equities
Currencies
Commodities
Oil
Gold
Positive Neutral Negative

The Investment Navigator is a guide to how Lex currently thinks about major asset classes across major geographies, and is a one year view. We use it as a framework when writing notes about individual companies, industry sectors and different markets.

While it bears a resemblance to the asset allocation models used by banks and fund managers it is not meant to be as scientific. Nor is it intended to produce specific "buy" or "sell" recommendations. For that reason, we have deliberately kept it simple, with a green traffic light showing a positive attitude to the asset in question, yellow signalling neutral and red a negative stance.

With those caveats in mind, we hope you find the Navigator useful. To share your thoughts on the investment navigator, add your comments to the navigator forum.