The Financial Outlook for Personal investors: How to spot the next round of market winners

Russ Mould, Investment Director of A J Bell, applies Sir John Templeton's dictum on the four stages of bull markets to suggest how investors can spot the next round of market winners – and dodge the losers. He compartmentalises the market's sectors into those suffering pessimism, scepticism, euphoria and optimism and suggests how investors might be able to suppress their natural instinct to follow the herd; as Warren Buffett said, "You cannot buy what is popular and do well".