t trades at a P/E-discount (based on realized earnings) 01.90 01.92 01.94 01.96 01.98 01.00 01.02 01.04 01.06 01.08 01.10 01.12 —— FTSE 100 realized PIE World realized PIE Source: Thomsen Reuters, UBS CIO, as of 21 June 2012 Note: Past performance is not an indication of future returns. 16 For further i