Allan Furlong Manager client services, Joseph Palmer & Son
Yes. Roger Montgomery Chairman, Clime Capital
Yes, we have seen the low. If I am wrong, we are very close to it. Don’t, however, expect rapid gains from these lows anytime soon.
Ed Prendergast Portfolio manager, Pengana Capital Yes, Taking a medium-term view, we are confident the industrial sector has bottomed, with valuations at historic lows, and sentiment already very poor.
Our domestic economy will likely be affected by the fallout from the US, but this is potentially more than priced in at current valuations.
Steven Wright Director, fixed interest, ABN-Amro Morgans Yes,
Fundamentally, though, the market remains undervalued, but confidence is still lacking. Chris Caton Chief economist, BT Financial Group Even though sharemarkets may have reached the bottom, I continue to believe they will not get sustainable traction until world growth prospects begin to improve. Look for more "bumping along the bottom"!
If you are a chartist, you will note that the market looks set to reverse its current downtrend and it is possible that, with a fresh bailout plan that could restore confidence and liquidity to the global financial systems, we may see the indices head north.
But for the meantime, we need to be patient as this vicious cycle of crumbling asset prices, which have led to mark-to-market writedowns, less lending and further fire sales of assets, sorts its way through the system and restores investor confidence.
Craig James Chief economist, CommSec the market has probably bottomed but we still can't declare this with great certainty.
Michael Knox Chief economist and director of strategy, ABN-Amro
lower A$ will be good for aussie commodities. As Winston Churchill said: “The US Congress can always be relied upon to do the right thing, after it has exhausted all of the other possible alternatives.”
Shane Oliver Head of investment strategy and chief economist, AMP Capital Investors Maybe.... shares have seen typical bear market falls, are now very cheap, are still seeing the sort of investor capitulation and panic that normally characterises market bottoms and should benefit from global and Australian interest rate cuts over the next few months. As such I am inclined to the view that we have seen the bottom or, if not, have come very close to it.
Saul Eslake Chief economist, ANZ Banking Group I'm not willing to stake my record (such as it is) on it.
