At the end of a long battle, normality is likely to return

After 31 long gruelling months of declining markets and a fall in equity prices exceeded only by the 1929 crash, investors are understandably losing patience with equity markets. They continue to crave finality with one last capitulation doing the trick. It is unlikely to be that easy. We believe the bubble has now been deflated and valuations have returned to some kind of normality. Why? Well, in the most recent rout, our research unit found many of the more fundamentally driven managers who have been uncomfortable with the market for a number of years have been willing to return, as th...