Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a729499

US veteran Cowart: this is most unloved bull in 40 years

by Matthew Goodburn on Jan 23, 2014 at 10:09

'Balance sheets, cash on hand, profit margins and the level of profits have never been better. Corporate profits have recovered and now exceed pre-recession levels.'

He said: 'Should house prices continue to recover, it is likely some acceleration in economic growth next year is possible.'

Combined with modest employment growth and income growth, Cowart expects to see a further rise in GDP.

'If companies could bring profits back to all-time highs at 2%, where would profits be with growth at 3%? It seems clear to us that the answer is 'higher.'

'Based on our time in the investment business, this is the most unloved bull market ever. There is an old saying that the market will do whatever it takes to frustrate the maximum number of people.'

'Right now, the most frustrating thing the market can do - and has been doing - is to keep going up and not let the under-invested have an easy entry point.'

Over the year to the end of December 2013, the fund returned 40.5% compared to a 31.2% return by the average manager in US dollar terms.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Look up the funds

  • Nordea 1 - North American All Cap BC USD
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Ed Cowart
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Read more...

Revealed: the fund stars of the future

on Apr 24, 2014 at 14:30

Sorry, this link is not
quite ready yet