David Hambidge: Why valuations are now more appealing

This time last year we warned the going was likely to get tougher and volatility would increase following years of extraordinarily calm markets. Unfortunately, we have been proved right - albeit the extent of the increase in volatility and the overall decline in some markets have surprised even us. Our cautious viewpoint 12 months ago would have raised a few raised eyebrows. After all, the global economy appeared to be firing on all cylinders and global growth was more synchronised than for many years. As far as we were concerned, however, the good economic conditions were already ref...