Introduction

The question on investors minds is whether we're entering a genuine market recovery. Peter oppenheimer, chief global equity strategist and head of macka research in europe explains why it can be difficult to distinguish between bear markets and bull markets. He says that the beginning of a new cycle nearly always starts with a strog quite explosive rise in prices led by valuations going up. It's usually not until the rate of deterioration is slowed, or the second derivative, growth starts to improve, that investors really start to price in a recovery. And i would say, finally, depressed positioning, really negative sentiment, which we can follow and measure in different ways, is an important part of the