20 ordspråk av Andrew Bell

Andrew Bell

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It's a great day for photos, which many of them will take for their sponsors.

The market is only trading on about 13 times this year's earnings, which is hardly suggestive of irrational euphoria, and growth is still coming in quite strongly. I think there's an expectation that there will be further bid activity during the year.

To keep the spending momentum going beyond the holiday period I think shops are going to have to discount quite heavily so I would sell the retailers into the current rally.

It's reasonable to assume that equity markets will make money this year. There's nothing like the end of an interest-rate cycle to get investors' juices flowing.

Christmas proved to be less difficult than people were expecting. Retailers expected a dull Christmas, so they didn't overstock and have had less discounting to do.

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