Asset Allocator's Soapbox: Investec's Saunders and King

At the start of the year, we agreed with the consensus view that this would be a good year for investment markets, but disagreed on timing. Others expected a good first half but difficult conditions thereafter, while we expected the reverse. It has been easy to be lulled into complacency as the market advanced only to slip back into despair in each of the two setbacks, but it is important to keep a sense of perspective. In our view: 1. Global equities are, by historic standards, showing exceptionally good value on a prospective 2010 p/e of scarcely 13 and a 2011 p/e below 11. Quarterly e...