Ian Cowie writes that he agrees with Anthony Bolton that it is. His Spectator column stresses that jumping in and out of the market means you could miss the turning point -- where gains are made in a short period of time.
That sounds like cold comfort to many investors in this climate:
None of which will impress the fearful who are fleeing into cash or
bonds right now. They will dismiss all of the above as statistical
sophistry; which is fine by Anthony Bolton — and me. He explains: ‘For
the first time in a couple of years, I have started to feel more
optimistic in recent weeks and there have been signs of a market low in
recent days. There has been evidence of final capitulation, with people
talking about looking into the abyss and how the whole system could
collapse. I have applied the same analysis for 30 years to identify
periods of excessive optimism or excessive pessimism and — whether it
was 9/11 or when Kuwait got invaded — invested by betting against them.’
In last week's Five for Friday I linked to a Daily Telegraph article on Bolton's favorable views on buying stocks now.
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