I know I should not be amazed at the limited grasp of market reality that afflicts both financial journalists and fund managers but this one is a corker.
“Given a five-year bull run it is impossible to argue stocks look cheap, but the market is not necessarily too high,” MLC Investment Management senior investment consultant Brian Parker said.
What market are you looking at sport? The All Ordinaries has gone sideways for since the GFC and has only shown any sort of trend since July2012 and even that has occurred in fits and starts. It is any wonder that 99% of all fund managers under perform the major benchmark indices when they cannot even identify what a trend is.
To give you some idea of what a five year bull market actually looks like here is the All performance compared to that of the S&P500