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J is not the only letter to have inspired financial theories.

William De Vijlder, global chief investment officer at Fortis Investments, asked journalists at a recent market outlook conference "which recovery" they predicted.

Four scenarios loomed large on the overhead projector: W, J, L, U.

Most journalists – ever prone to sitting on fences – opted for U, the middle ground between jolly-hockey-sticks J and lugubrious L.

De Vijlder then went on to demonstrate why the economy was in fact due for W.

To read the rest of the latest Investors' Alphabet blog click here.