PA Portfolio: Where to find value in UK equities

Alastair Mundy, head of contrarian investing, Investec We appear to have reached that stage of the stock market cycle where the bears are suffering some discomfort while the bulls are radiating confidence, having pocketed another year of bumper returns. However, as the bull market matures, investors have been scrambling around to find ‘cheap' stocks with high yields and these have been pushed up to historically high absolute and relative levels of valuation. Valuations are generally high in equity markets, which is odd given we are surrounded by great vulnerabilities and fragilities in...