What was one of the worst calls to make over the past year in your sector that you avoided?
Having a buy recommendation on almost any cable or wireline telecoms issuer proved to be a bad call last year. In that context, we made some good calls and some bad calls. As a specific example, we avoided being positive on German cable throughout the year as the bonds fell from the 90s to the 20s in the case of eKabel and the teens in the case of Callahan NRW.
What took you most by surprise over