In the following I have tried to sum up in ten points my analysis of the economic and financial situation.

This week marks the first anniversary of the end of the most recent bear market. Between October 2007 and March 2009, the stock markets lost around 54% (using the MSCI World index in euro as a benchmark) before gaining 62% since then. (Mathematical calculations being what they are, an increase of 62% after a slump of 54% means that the markets are still well below their October 2007 level).

This time last year, I wrote that the New Year tradition of making forecasts for the year to come was an even more perilous exercise than usual. My reasons at the time were linked to the lack of visibility on the economic situation and the uncertainty on the banking landscape.

Below, I offer some answers to five questions that have been frequently put to me.

Despite much stronger fundamentals, emerging market share prices have experienced a sharp selloff, with the MSCI Emerging Markets index falling by nearly 40% since 19 May. For a long-term investor, this creates very attractive buying opportunities.

In the short text that introduces my blog, I say that 'The current financial environment is arguing in favour of a more active investment strategy'.

With GDP growth between 7.5% and 9.6% in each of the last five fiscal years, India's economic success story has been similar to China's.There are however big differences between the 2 countries. China's economy is industry-driven (industry accounts for about 46% of GDP in China compared to 27% in India) whereas India's is services-driven (services contribute some 55% to India's GDP compared to 40% in China).

After spending two weeks in China and Turkey attending conferences and meeting with companies, I am more than ever convinced that the main theme for investors in the coming years will be the transition from a global economy led by the West to a global economy led by the East.