From Bloomberg on Thursday morning:Anthony Bolton, president of investments at Fidelity International, said a bull market in equities has already begun and financial shares are poised to drive recent gains higher.
Low valuations indicate advances that began in March are the start of a bull market, Bolton said. He favours financials, consumer cyclical, technology, and “value stocks,” such as retailers, automakers and construction-related shares.
“All the things are in place for the bear market to have ended,” Bolton said in an interview with Bloomberg Television in Hong Kong. “When there’s a strong consensus, a very negative one, and cash positions are very high, as they are at the moment, I’d like to bet against that.”
Anyone else got a feeling of déjà vu?
Related links:
All about bottoms - FT Alphaville
Bottom fishing, by Anthony Bolton - FT Alphaville
Bolton, the bottom picker – FT Alphaville
Anthony Bolton calls the bottom of the market (video) – FTfm
Anthony Bolton: How to spot the market’s turning point – FT.com