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Article: Investors sceptical that this bull market has legs
- Article from:
- The Sunday Telegraph London
- Article date:
- May 17, 2009
- Author:
CopyrightCopyright 2009 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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It was only a fortnight ago that investors were buzzing with
enthusiasm and dreaming of a bull market. Stockbrokers were
reporting a sharp rise in trading volumes as private investors
rushed to join in the stock market renaissance.
The great and the good were confident enough to announce that the
bull market had indeed come. As I wrote, one such bull was Anthony
Bolton, the highly regarded Fidelity fund manager, who correctly
called the end of the commodity bull market last year.
But an eagle-eyed reader pointed out to me that Mr Bolton had not
always made the right call. When he switched out of commodity stocks
he invested in "banking groups which have already had their rights
issues" ...