Valuation point remains critical

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The technology, media and telecoms surge of late 1999 and early 2000 seemed to condemn income funds ...

The technology, media and telecoms surge of late 1999 and early 2000 seemed to condemn income funds to being yesterday's story. Having a long-term record of outperformance against growth funds, traditional income investing came to be seen as a laggard and some commentators even went so far as to sound the its death knell. Of course the last three quarters of 2000 have removed some of these critics' swagger, but the important question is what happens from here. The price volatility of the past 18 months reinforces the lesson that the UK equity market is far more influenced by shorter term...

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