Riding the bulls

Market view


The past 12 months have been another year of significant gains for most of the major global equity markets, following on from strong performance in 2004 and the second half of 2003. Although most stockmarkets have still some way to go to regain the all-time highs posted at the end of the 1990s, there seems to be growing confidence in equities among investors, and a feeling that stockmarkets are once again in a bull-market phase.

I am often asked if in such an environment the growth in sales of

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