I recently read an article describing the bull market of the last seven years as ’history’s least loved’. It noted that even as markets have risen over the years, headlines have constantly spouted warnings about the ‘next big bad’ for markets, leaving people feeling pretty anxious. A Credit Suisse strategy paper similarly noted that after visiting clients in the US, Europe and South Africa they found them to be ‘as bearish on equities as we can remember’. They said their clients (who are generally fund managers and professional investors) felt that shares are too expensive and not attractive enough to compensate for the macro, political, earnings and business risks that exist today.
Read the full article here.