Top of the list, after a stellar year for stocks what happens now? 2013 witnessed a huge revaluation and an awful lot of future good news has been priced in. To justify more major upside moves for equities there must now be some real earnings growth.
The major companies have been able to generate greater profits by concentrating on the cost side, benefiting in particular from three areas. Restructuring, very low cost of borrowing and very small increments in wages. On the last two it's hard to see anything other than a reversal, the best has been had.
(Read more: 'Dr. Doom' Roubini gets bullish on global economy)
The FTSE 100 meanwhile was a relative laggard compared to other global indices. Up 15 percent whilst Germany's Daxwas up 26 percent and the S&P 500 up nearly 30 percent.
The U.K. was hurt by the preponderance of mining stocks listed in London. The resource sector was the worst performer in Europe, down some 14 percent compared to gains of around 35 percent for the best, autos. Miners were hit by weaker demand particularly from China and a consequent oversupply. Gold stocks were also hit by the precious metal having its worst year since 1981, down some 29 percent.