Most informed observers entered 2008 anticipating a year of volatility, but even the most fertile imagination could not have foreseen what would actually transpire as the year (and events) unfolded.

Banks worldwide have been heavily discredited, with many previously respected names either disappearing or being brought under Government control.

Only this week The Royal Bank of Scotland announced record losses, having exposed themselves heavily to the US sub-prime market and, as you read this, our Government is in the process of injecting yet more tax-payers' money into the UK banking system

Your portfolio has been stabilized by a weighting increase in UK Gilts but, at the present time, we do not believe it is right to make further changes. However, we continue to monitor and research investment markets throughout the world to ensure that, when genuine opportunities do arise (as they surely will) Argyle will be ready to respond quickly on your behalf.

Last month we recommended Robert Peston’s book, as we thought it gave an excellent insight into the turmoil's of the financial world.

On the day that President Obama takes office and brings new hope to many, we would like to leave you with this quotation…

“The budget should be rebalanced, The Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance “

As stated by Cicero in 55 BC.

You couldn't make this stuff up!

Remember, please do feel able to get in touch if you would like our help on any financial issue.