Key points of this paper:
The falls in share markets since April have been due to poor global economic data and political dysfunction in the US and Europe.
After falls of 20% or so, shares are good value for long term investors but it's too early to say they have bottomed.
For confidence that shares have bottomed look for Europe to follow through with expanding the firepower of its bailout fund, aggressively buying sovereign bonds and recapitalising its banks along with concerted global monetary easing including in Asia and Australia.
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