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June was a very eventful month, in particular in Europe. Greece went from bad to worse, and the Greek people have now been asked to vote on their own destiny. However, Greece is not the only subject in this Absolute Return Letter. Financial markets have in many ways behaved oddly since the near meltdown in 2008. We look at whether we are finally beginning to see some sort of normalisation – as in a return to the conditions we had prior to 2008 – and what that would mean in practice.Open this issue (PDF)