analyst certification and required disclosures begin on page 162 1 ubs does seeks to do business with companies covered in its research reports as a result investors should be aware that the firm may have conflict of interest could affect objectivity this report consider only single factor making their investment decision global basic resources equity market comment ab commodity connections q4 06 impact us slowdown overestimated null growth less influential than before performance over past quarter has been dominated by questions surrounding slowing economic implications for demand our analysis suggests materials consumption important world where china india next billion are increasingly influencing balances asset allocation diversification benefits re iterated portfolio which includes diversified commodities exposure optimises risk return relatively low correlations equities bonds real estate furthermore we find between sub groups also inventories differentiate recent highly
