Equity investment could become challenging

On an historical comparison basis, equities are beginning to look less cheap, a development serving to weaken the 'relative' valuation argument. As this bull market matures, this will ultimately trigger a move away from equities. With this in mind, we are growing cautious, recognising investors are likely to become ever more sensitive to results that fail to meet expectations. In the medium term, we remain moderately bullish with regard to the direction of the market, a positioning that is influenced by 'relative' valuations. Private equity deals contribute to the current trend towards ...