Our message is simple: avoid listening to the nonsense and focus on those companies that are sufficient quality to be in your portfolio. Then wait for the market to do its bit. Right now the market isn't really going anywhere and having a disciplined purchasing approach will enhance your investment returns.

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The challenges faced by Governments and investors alike are immense. However, there is an up side to every situation and the irrational behaviour of markets will provide the opportunity for disciplined investors to acquire attractive companies at a price well below their value.

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the volatility in the share market is likely to remain, with the possiblity of downside shocks. Given the emerging similarities between the European sovereign debt situation and the GFC in 2008, we suggest that investors look to increase the margin of safety when purchasing shares to reflect the higher degree of uncertainty in investor markets.

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An offshore observer of Australia across the backyards of Europe and Asia would see a country deep in residential debt, funded by excessive offshore credit, fuelling excessive residential property prices and governed by a bureaucracy that seems intent on taxing production rather than speculation.

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A number of problems are confronting equity markets at present, and these need to be factored into share prices and valuations. We have been predicting many of these problems over the past year.

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Our aim should always be to acquire good quality companies, at deep discounts to value, for a long term hold. However, it is imperative that gains that occur through irrational market behaviour are banked. These gains are identifiable when prices clearly exceed the real value of a company's shares.

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