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Fidelity Guru: Multi-Year Bull Market Ahead

By Dan Weil   |   Tuesday, 13 Oct 2009 02:36 PM

A multi-year global stock market rally has begun, says Anthony Bolton, president of investments for money-management powerhouse Fidelity International.

The rise will be led by emerging markets, he told Bloomberg. What’s going to feed the bull? Continuous, slow economic growth combined with low interest rates.

“Low growth means low interest rates, and actually that’s one of the best environments for stock-market investing,” said Bolton, who oversees about $141 billion.

U.S. and European central banks will continue their low interest rate policies for another year, he says.

Emerging markets will perform best because their economic growth is stronger than in developed nations, Bolton maintains.

“Anything that can show growth in this low-growth environment is going to be bid up by investors. It’s very pro the emerging-market world versus the developed world.”

China represents one of Bolton’s favorite markets, because he thinks the government can engineer solid economic growth without triggering inflation.

The IMF just boosted its estimates for Chinese economic growth to 8.5 percent for this year and 9 percent for 2010.

Not everyone is so enthusiastic about emerging market stocks after the 60 percent gain of The MSCI Emerging Markets Index so far this year.

"Vulnerability to global confidence crises will continue to define emerging markets as an asset class," World Bank managing director Ngozi Okonjo-Iweala told a recent conference.

“Recovery is going to be weak, growth slow for the medium term."

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A multi-year global stock market rally has begun, says Anthony Bolton, president of investments for money-management powerhouse Fidelity International.The rise will be led by emerging markets, he told Bloomberg. What’s going to feed the bull? Continuous, slow economic...
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