There was some enthusiasm among the investors UBS met in looking at relative sector ideas, rather than making directional market calls.

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And then we take a look at the best of those kind of companies, relative to the overall market, relative to the sector that they reside in, and relative to the subsector that they reside in, and try to pick the best businesses and then look at those companies that score well, and then try to see how they have done, relative to the overall market.

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And far more of the European's package is in bonuses and free shares linked to the performance of the company relative to its sector or an index, rather than in options which relate rewards solely to the movement of the company's share price.

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