Arguably, 2013 was the best year for Australian equities since the global financial crisis

Arguably, 2013 was the best year for Australian equities since the global financial crisis. The general improvement was largely underpinned by a gradual but persistent recovery in fundamentals. While some may argue it is fully priced, we believe it is entirely possible the Australian stock market is in the early stages of a bull run that started in the middle of last year, and is set to continue in 2014 and beyond. This outlook is similar to our market view back in 2004 and there are numerous fundamental and technical indicators supporting our bull market thesis. Leading fundamental indicators are supportive of Australian equities, including low interest rates and an improving property market, both of which have a positive wealth effect. Yield stocks have done very well in 2013, but indiscriminately owning the market as a whole still gives investors a better yield than cash. Read my thesis here (VIEW LINK)


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