Rallies are a selling opportunity

Rallies are a selling opportunity. I would be surprised if the market is up in 2015. Industrial shares look expensive across the board, though cyclical companies are relatively cheaper given the soft economic outlook. We believe mining companies are in a bear market and likely to stay there for some time to come - rallies should be seen as a selling opportunity. Oil companies have only just moved into a bear market and look over priced. They will follow the course set by mining companies and move lower in years to come.