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(From Fund Strategy)
Bill Fries, manager of Investec's American fund, has turned around its performance since taking over the portfolio in 2002 and is confident about the outlook for returns from this market.
The sight of the Dow Jones index moving above its highs of five years ago is a cause of celebration for most investors. But the pessimists (myself included) see these milestones as great big sell signals. Can the Dow really continue to soar ahead given the slowdown in the American economy and the ongoing meltdown in the US housing market?
If you are looking for comfort, then read a fascinating research note issued last week by Max King, global investment strategist at Investec Asset Management. He pulls together the views of some of the most respected market commentators in the world, including a great quote from Ed Yardeni, US strategist at Oak Associates:
"Despite great earnings, the stockmarket has been held back by many alarmists' scenarios …