The research programmes try to identify fundamental trends and strategic issues where insurance plays an increasing role in modern society.

But nothing we could do would reverse fundamental social trends which were producing more and more lone parents.

Trade figures also reflect fundamental trends in how a nation uses its resources.

Some analysts said that while Cisco could use a partner, fundamental trends in technology were allowing the company to negotiate from a position of power.

Even in the face of such fundamental trends, economic malaise continues to depress stock prices among the construction giants.

But last week's upward movement may signal a more fundamental trend.

Another fundamental trend that is expected to continue is that foreign buyers, financed with their strong currencies, will keep buying corporate American assets.

"You should expect favorable surprises from technology companies across the board, because the fundamental trends remain encouraging," he said.

Q. Are there underlying fundamental trends that buttress the case?

"I really think the long-term fundamental trend is changing for the company."