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The Stock Exchange increased by a long way since last March. It was down to approximately 3,500 then and has since increased on 65pc in less than 5 800 that I write. It would be natural to fear that it is too late to join the party. But I think.

This has been, as someone has said, a bull market "stealth".He has slipped on a public incrédule.Même now after 20 months of earnings, there is a lot of reason to believe a pile of money is waiting on the sidelines and will probably eventually enter the market, take significantly more.

I was examined the figures showing the areas in which private investors have been putting their money by mutual funds, investment management association investment savings accounts and so forth. They show that, months after months of people continued to be too nervous to buy directly in equity.

In January, the best-selling sector was property. It was as sleek as it has been throughout the year. In the following months, success areas were, in order: Sterling strategic obligations; Sterling strategic obligations (new)Prudent management and absolute return UK. Prudent management (new); Global bonds and general obligations of sterling.

It seems that only if a Fund has the word "caution" obviously most investors will dare buy a few actions. Otherwise, they paste mainly in bonds.Last month for which figures are available, three of the four best-selling areas were binding for a billion pounds of ventes.La distribution of the total bond funds was more than half the money invested.

This heavy accent to avoid the risks is the reason why the stock market still has plenty of legs. There is value two years of nervous money in bank accounts and liaison Fund, wait a moment where owners feel fairly confident buying in the stock market.It is true that the Government and corporate bonds have been very well for buyers.

But government bonds - gilts - and certain obligations of blue chip companies are now fully price while several actions are still attractive valuations.There is a sense in which the bonds are now more risky than shares investment. British 10-year gilts offer only 3 1pc yields while inflation in the long term is probably running at 2pc .c ' is a simple 1pc actual performance. If and when interest rates rise, gilts may fall.

Of course, some actions have gone high evaluations, too.But it is especially in emerging countries. In fact, a friend of the investor told me recently that he was not certain choices: it must invest in emerging countries which have been racing to come and have a lot of momentum stocks? or should go to old, heavy weight of the Western world companies that appear to be attractively priced but only slowly progressed?

In this debate, I am a company "don't know".I'm covering my Paris.I sold about half of my shares in Thailand, where the action shot this année.Et this week I put some of the product in a big, evaluated attractively at home Corporation.If the Thai shares continue to rocket, I will still gain certain benefits.But if they descend back, I will be injured too evil.

I love not normally have in the main actions because they are known and understood so widely.I have no avantage.Mais is where the value is at the present time.That Leviathan terroir have I gone?I thought at Wetherspoon, a company of pub.

I an of its pubs sampled when I was in Newmarket for much of last week while my daughter work experience a stud-horse running a.j. ' was impressed by the service prix.Même menu was good enough and it was free Wi - Fi, too YH ' I found only a fault - some distributors SOAP vide.à home, I looked at the sides and they are really very raisonnables.P 410, as they stand at only 11.5 times forecast earnings per share consensus this year.

But ultimately, I decided it was too prudent for me and I plumped several actions of BP.Si oil giant continues gradually out of its disaster off the coast, it could be quite a long chart chemin.Le looks good and consensus forecast - if he could be radically bad - is a yield of dividends sum exorbitant 7 5pc at the price I paid, 432 p..

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