In this report we compare current share prices with the lows that were recorded in March 2009, the Lehman Brothers' lows. We will present a table for the three main equity indices in the Netherlands, the AEX, AMX and ASCX indices. We can execute such a table for any other index or list of stocks upon request.
When the current share prices are compared to the lows that were recorded during the Lehman Brothers' downturn in general the cyclical companies have performed better. On one hand as expected, however, at the eve of a next economic downturn we would have expected that investors would have favored defense stocks over cyclical stocks. In our view this these kinds of defense companies should attract investors' interest in the current economic environment.