Bunhill: Japanese hold

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ROCKY equity markets, nervous investors, fears of another crash and limited liquidity in the stock market all add up to a recipe for panic.

Buy, hold or sell, brokers will tell us. Not Yamaichi, the Japanese house. They have a novel way of not panicking investors.

Take for instance their recently published note on Guinness. Should investors buy hold or sell?

Sell? What chaos that might cause. But the house can't recommend a buy either. So they invent the novel Dull Hold. Remember, Guinness is a Dull Hold - or perhaps they mean an exciting sell.