Getting Cheaper but Still Expensive!

Fair Value & Prospective Returns

A couple of weeks ago my indicator of market conditions suggested that it may be a good time to think about buying equities; however whilst the long term averages suggesting buying risk levels were high and other reliable indicators suggested that it may be better to monitor the position. So far delaying appears to be the right decision with a decline of almost 3% in the FTSE-100 over the week; whilst things may be getting cheaper fundamental analysis and fair value continues to imply a negative outlook for the UK Market as a whole.

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Prospective five year annualised returns are now worse than both 1999 and 2007!!!

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