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1. In this issue:
UK: The Results are in
World: International Business
US: The Markets
THE RESULTS ARE IN
Cameron was able to hold on and win his latest
battle. The British system is so complicated and
there are so many parties involved that it often
becomes very difficult for outsiders to decipher
the entire equation. And we can assure you that
we are no experts.
As far as we are able to tell, two of the bigger
issues over the coming year will concern
immigration and England’s role in the European
Union. There have been threats over the years
and these will probably continue. England is
not only separated by its history but the
geography as well. They want to be fair but,
above all, they want to maintain their
independence. This is crucial to them and when
we consider their proud history, we can well
understand their concerns.
In terms of immigration, they want no part of
Europe’s plan to parcel out immigrants. They
are willing to financially contribute but that is
as far as they are willing to go. They point to
their history and their role in accepting
foreigners but they want to draw the line. If the
truth be told, with almost everybody we speak
with, their point of view is no different than
anyone else’s. For the most part, people want
to be politically correct, but they do not want to
be told how many immigrants they have to
take. We really do understand both sides but we
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WEEKLY REPORT
May 18 - May 25 ⌘! Issue 20 / Volume 15
have to assume some responsibility. It is an
issue that can’t be ignored but rather must
be dealt with in a fair and realistic manner.
The English have always prided themselves
on their fair play and we are certainly
curious how this may play out.
In terms of their role within the European
Union, it is also complicated. They want to
dictate some terms but it can’t be seen as
preferential treatment. Everyone wants a
role and perhaps the perks and benefits
that go along with it, but there has to be
some give and take. For many years, the
British have been making some noise but
we hope that they are able to reach some
accommodation. It is or is should be a
symbiotic relationship - England needs
Europe and Europe needs England. This is
the way it should be.
As far as we are concerned, we want to
maintain the status quo. When we consider
the history of Europe over the last hundred
years, this type of Union becomes almost
like a historical necessity. And England,
having been involved with this
aforementioned history, should be acutely
aware of what we speak. The world has
changed and alliances have changed with
it. With China’s growing power and the
uncertainty surrounding Putin and Russia,
one question becomes whether an
independent Europe could survive.

2. FOSTER ELLIOT WEEKLY
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Perhaps it could but we can assume that the
whole is much greater than its parts. Time will
tell but we fervently hope that some kind of
accommodation can be reached. Do you agree?
SOMETHING DISTURBS US
There is a trend that we find very disturbing and
we thought that we might discuss it a bit. There
is no question in our mind that the disparity
between the rich and the poor is getting greater
and greater. We have been seeing this for some
time but this disparity seems to be increasing.
Short of drastic measures, not much can be
done.
When we look at the Eurozone, the
unemployment figures are getting a little better
and more people are working. However, for
most of us, it is still a struggle. Even with a full
salary, it is very tight. During the Financial
Crisis, companies tightened their belts and
salaries suffered. Perks and fringe benefits
were cut and this was across the board.This
was, at the time, unavoidable and therefore
both understandable and acceptable. The crisis
is apparently over, but still salaries haven’t
risen accordingly.
This is not just sour grapes. We speak with
many people and their voices are heard.
So, one question becomes, what do we do?
How can we change the situation? Would it
be fair to tax the rich to a much greater
extent and try to make up the gap? Should
profitable corporations be taxed even
more as well? These are questions that are
being asked on a daily basis and there are
certainly many opinions. And many people
are angry and frustrated.
Do you remember last year when we
reported that Google did some four billion
dollars worth of business in the U.K. the
year before last and only reportedly paid
about nine million dollars of tax? Now, we
do realize that the gross does not
represent profits but this paid amount
seems extraordinarily paltry in comparison
with the gross. The truth of the matter is
that the major corporations operating
internationally have their host country by
the, for lack of a better word, balls. They
do, after all, supply jobs and are an integral
part of any economy. What should perhaps
be interesting to all of you is that we were
recently listening to a BBC program with
Tony Abbott, the current Prime Minister of
Australia, being interviewed. He was very
specific and started talking about the thirty
largest companies doing business around
the world. He was appalled at the lack of
tax being paid and plans to try and do
something about it. This may be only
rhetoric and political grandstanding but
his is a voice that is heard and respected.
And he wants something done on an

3. FOSTER ELLIOT WEEKLY
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international level. Before we get too deep on
something that we don’t much about, we plan
to do a little research. But, that being said, we
do find what he had to say very interesting and,
if implemented, it could a long way towards
helping the bottom line.
THE MARKETS AND COMMODITIES
Who would have thought it? A mere two weeks
ago, we were prepared for a drop and we were
ready for the worst. Do you remember perhaps
two or three weeks back when the market
dropped more than 200 point on a Friday?
Nervous would be an understatement as we
prepared for Monday. After all, the markets
have had more than five year bull-run and all
good things must come to an end. This is
inevitable and we have to prepare ourselves for
this eventuality.
Last year, when conditions between the West
and Russia deteriorated even more than the
year before, we were also very scared. After all,
political tensions can’t be ignored especially
when dealing with such a powerful nation as
Russia. But, to our surprise and shock, the
markets appeared to ignore the upheaval and
continue forth unabated. If the truth be known,
we really didn’t expect this. And we were
grateful and happy and somewhat richer. This
ability to put aside bad news has been what has
characterized the markets over the last few
years.
As for this last week, we are pleased to point
out that the S&P 500 has once again reached a
new high.
The Nasdaq is once again above 5000 and the
Dow is right at its highest level ever. In spite of a
pretty awful January, we are once again up for the
year. This is in spite of earnings that did not
appear as robust as many of the ‘experts’
thought. Where will it end? Your guess is as good
as ours. We refuse to speculate.
As for Gold, we are pleased to announce that it
has also been rising. It is now perched somewhat
above 1200USD an ounce and we are real
pleased. Of course, the truth is that it has been in
a tight trading range for quite some time and we
have seen it here before. However, to be a bit
more optimistic, anytime we see it above the so
called ‘support level’ of 1200, we feel a surge of
hope. We refuse to make any predictions but we
are not selling our position and are in for the long
haul. We suggest that you follow our advice.
CONCLUSIONS FOR THE WEEK
We were happy to get back to Europe this week. There
is obviously a lot of news and we like to do as much as
we can. The elections in England were important but
we would like to keep our eyes on the bigger picture.
We seek stability and the last thing that we would like
to see is for the European Union to fall apart. There are
and there will continue to be many issues as we look to
the future.
As for next week, it is still too soon to tell. We like to be
flexible and keep our options open. There are always
possibilities but we may well follow up and do another
column on some of the international financial issues.
It is an interesting subject and it affects everyone. We
now take the time to wish you all a great week and we
hope you are able to make oodles and oodles of
profits. Good luck!