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Magic words

A short phrase from JB Were economist Campbell Millar is probably one of the best things any financial planner or investor can hear right now.

Wednesday, June 11th 2003, 6:41AM
A short phrase from JB Were economist Campbell Millar is probably one of the best things any financial planner or investor can hear right now. “We are in the middle of a bull market,” he says.

Speaking at the the Society of Independent Financial Advisers (SIFA)conference in Rotorua last weekend Millar pointed out that international markets have been rising consistently over the past three months and some good gains have been made.

(You can see the sort or rises achieved in the past quarter by checking out the figures on the market section of Good Returns here).

However, the bond market has been rallying simultaneously and that is causing some concern.

Millar is of the view that an almighty bond crash is coming because interest rates can’t keep failing any further.

Yet, investors are still chasing yield through debentures and capital notes, and putting money into bond funds.

Millar’s view is that investors should be heading towards equities at the moment, not into the fixed interest sector.

He says JB Were are suggesting this move to clients, but, due to resistance, it is being done in a stepped process where they come out of bonds into cash and shares later.

While it may seem like a surprise to many that that the market is rising, some have got the message.

A number of fund managers spoken to by Good Returns says the massive outflow situation of the past two quarters has stabalised and money is now coming in their doors. Likewise advisers are reporting a pick up in business too.

More stories
Market Review: Can the joint rally in shares and bonds continue?
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