After such a terrible year at the hands of world stock markets, you would expect a global fund manager to be in fed up with life in the capital markets. But following a month which has seen most indices rise by 15%-20%, Axa Investment Managers' UK head of global equities Steve Tyson believes that the worst is over. "I am optimistic about the markets," he said. "In July, when the market bottomed out, over half the market in the US and Europe was selling on 13 to 15 times earnings. This compares to two years ago, when a lot of the market was on 25 to 40 times earnings. I think there is very much a market for very opportunistic stock pickers."
August 30, 2002