The most hated bull market in history

Latter stages of the cycle

David Jane, manager of Miton's multi-asset fund range, explains why US policymakers have little reason to become aggressive and why equity markets are too willing to finance businesses on hope, not substance.

The current bull market is often described as 'the most hated bull market in history', with many calling it artificial, or a bubble, right from the start. But what are the reasons for this negative sentiment and how should we react? The principal reason why the bears have been negative mostly stems from a disagreement with central banks' quantitative easing and negative interest rate policy programmes. These have caused interest rates to become very low in both absolute and real terms, which in turn has led to the revaluation of all risk asset classes, to a lesser or greater degree. ...