Anthony Bolton sees multi-year bull market

In early March, Anthony Bolton said he thought the market was at, or close to, its nadir which turned out to be a pretty good call. Now the former Fidelity fund manager, who has turned £1,000 into £147,000 over 28 years, reckons that we are in a "multi-year bull market".

There is likely to be a correction at the end of this year or early next, but the bull should continue for some time, and "it is not too late to invest" even though the "bargain phase" of the upswing is over.

With economic growth set to be "rare" in the developed world, inflation is unlikely to be a "concern for the next few years", which will keep a lid on interest rates. The world economy is gradually recovering, and today's "low-growth and low-interest rate environment is good for equities".

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Investors should concentrate on companies capable of growing without a strong economy.

The developing word, meanwhile, is in good shape. Asia should continue to be the "growth engine for the world economy", he reckons, and as far as China's stockmarket is concerned, the long-term outlook "is still bright".

The big picture: Amazon pays off for bubble buyers

"Buying an overhyped bubble stock at the top of the bubble can make sense" if you have strong nerves and can wait a decade, says John Authers in the FT.

Following Amazon's third-quarter results last week it reported a 28% rise in sales and stronger margins the stock has reached a record high.

In 1997 Amazon became the first online retailer to float. The stock gained 6,000% by its late 1999 peak before slumping by 95%.

Its rise since 1999 compares well with a 23% fall in the S&P 500 index; even taking dividends into account it has done better than the overall market over the past decade.

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