Sir Martin Sorrell reported that the quarterly results were part of an alphabet-soup debate on economic growth by talking about LUV-shaped economic growth. Sorrell considers that economic recovery will happen at different rates by geography. Europe is the L, pottering along for a good while yet. The U.S. is likely to gradually bounce back, hence the U and economic powerhouses like China climbing back the fastest, hence a V-shape.
Kudos to Financial Times: From Sorrell with Luv by Tim Bradshaw (October 31, 2009). Wadds points out that the concept came originally from this Reuters blog post.