The market is no longer straightforwardly cheap, but everything depends on oil prices.

There's a lot of debt being taken on which wouldn't be taken on in less-good times.

They have very little leverage to the oil price.

This has certainly been an exceptional year. The index surged to record highs that no one had expected. High oil prices played a pivotal role in the market's magnificent run, as they did in stock markets in neighboring oil-rich Gulf States.

Our message is clear: you will not be safe until you withdraw from our land, stop stealing our oil and wealth and stop supporting the corrupt rulers.

The size of the pension was a knock, but cash flow was extremely strong for a second year running.