March 2013 Genua © Don’t snob the PIIGS! “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria” … Sir John Templeton - 50 100 150 200 250 3/15/2004 3/15/2005 3/15/2006 3/15/2007 3/15/2008 3/15/2009 3/15/2010 3/15/2011 3/15/2012 Portugal Italy Ireland Greece Spain