The market is quite stable. I'm waiting for buying opportunities but I fear I have to wait longer.

A lot has been priced into U.S. stocks. It's a bit of shaky situation.

It won't be as easy for stocks as in 2005. We'll have oil scarcity for the next months and years. There's no spare capacity.

A lot of the high expectations investors had are priced in.

We've had a very good run and now we're consolidating.

Catalysts is a sector the Germans have missed. This is something they should have gotten into 10 or 15 years ago. They're playing catch-up.

We have just had the perfect market for three or four months, we're still in the midst of a positive situation for the markets but we've gone a little bit too far a little bit too fast and the markets are consolidating.