Hello David,

Thank you for your feedback about the piece; I am pleased that you find it helpful. I am not sure that I understand your question about the financial markets. Could you please provide additional details about your thoughts?

One observation that may serve as an insight...I have written about the concept of "financial markets" as monolithic entities and the (I believe) undue importance placed on "what the market is doing." See my post here on The Enterprising Investor about "Mr. Market." Essentially, even in crazy periods "the market" turns out to be only about 0.6% of shares outstanding on a single day. In debt markets, it is likely an even smaller number of bondholders that trade each day. So what we call "the market" is typically an extremely small slice of the capital owners of a particular security. Yet, we ascribe lots of meaning to the very marginal buyer. From my point of view when you write, "integrated European financial markets allow" I think to myself, "Who is the 'European financial markets'?" This is the primary place I am confused by your question. Please, please feel free to add additional dimensions to the question.

Yours, in service,

Jason