Experience the pain now and the gain later

Maybe it's the sunshine, maybe it's the prospect of a hot summer ' or it could be the very mild recovery in the markets. Pinch yourself, there is a bit of optimism out there. It's too early to say whether it it's a fully fledged recovery in the markets. As Fidelity's Anthony Bolton said last week at one of the group's IFA roadshows: 'It feels like the start of a bull market,' but he raised notes of caution. The index is recovering, but then again the market tends to be six months or so ahead of reality ' ahead of real profits growth (rather than cost-cutting induced profits growth), and...