Market fear prompts elementary mistakes and new opportunities

The equity market has rallied over 25% since the beginning of March due to a growing belief we are n...

The equity market has rallied over 25% since the beginning of March due to a growing belief we are not sliding into an economic and corporate abyss. It was inevitable we would have a rally at some stage and that it would be strong, particularly as the despondency was pronounced. Many investors had structured their portfolios conservatively with low equity exposure, high cash levels and perhaps exposure to gold. This group is now asking: "Have we missed it?" The defensive market exposure adopted by many did badly as cyclicality rallied hard. Some investors have been prepared to support ini...