From Mr Ian Lee.

Sir, John Authers need not have apologised. His mea culpa in "OK, I called the rally wrong - and here's why" (The Long View, October 31) implies that the rally in risky assets since March was somehow the correct and appropriate response to events at the time, and his mistake was to have misread the signs. He is too hard on himself. In hindsight, one can think up various reasons to rationalise this recent rally. But the fact is that back in March this was only one of many (perhaps even an infinite continuum of) possible outcomes.