"Looking back, this looks very much like a ‘false’ rally, built on low volumes in illiquid, whippy markets characterised by a lack of direction. Looking forward, one way to use volatility indices is as gauges of complacency. Anchored at multi-year lows, this sends a red-alert warning and market complacency could well be shaken by an Indian summer as returning investors start to demand answers to outstanding questions."
Nick Gartside, international chief investment officer for fixed income at JP Morgan Asset Management
"At the current time, when transparency is low, when harsh deflationary economic conditions are new to policymakers steeped in the past, and when the political establishment is clearly willing to indulge in perpetual bailouts regardless of the consequences, this is no time to let hopeful expectations cloud reality. We remain very cautious, defensively positioned and focused on capital preservation."
Bruce Stout, fund manager, Murray International Trust
"I don’t think a full money-printing version of QE3 in the conventional balance-sheet expansion sort of way is necessary or desirable, I think it would be counterproductive."
Robin McDonald, fund manager, Cazenove Multi-Manager Diversity range
"In the short-term there may well be a sugar rush in risk assets, but it’s not sustainable and because we don’t think it’s sustainable we are continuing to batten down the hatches.”
James Sullivan, fund manager, Miton Investments [on the effect of QE3]
"Gold has a place; but it is only suitable for a narrow, tightly defined investment strategy. If you have no need of growth or income, but a strong desire to preserve the real value of your portfolio, look no further – for extra peace of mind, why not put it in a safe and bury it in the garden. The remaining 99.9 per cent of us however, should look elsewhere."
Rob Gleeson, head of research at FE
"Markets have had a good run of late, so you may want to lock in profits now before something else hits the fan."
Graham Toone, head of investment research at AFH Wealth Management
The week in quotes: Expert investors prepare for the worst
24 August 2012
After a mellow summer, industry professionals are getting ready for a seasonal shift towards more unsettled conditions for equity markets.
By Pascal Dowling,
Group Editor, FE Trustnet
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