UBS Annual Report

Alex Masterley has a great scoop on the UBS Annual Report, take a look at the whole article but I did like this from the report:

"Outlook — The recent worsening of financial conditions and UBS-specific factors have adversely affected our results, particularly in the Investment Bank. Even after substantial risk reduction, our balance sheet remains exposed to illiquid and volatile markets and our earnings will therefore remain at risk for some time to come."

And Alex Masterley's translation: "Sell. Sell! SELL! AND KEEP SELLING!!!"