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ECONOMIST VIEWS: IS THIS A BEAR MARKET RALLY OR A PROPER BULL MARKET RUN?

<strong>MAX KING </strong> INVESTEC ASSET MANAGEMENT<br />It has all the hallmarks of a bull market. We bought into the rally back in March and at the time our view was: &ldquo;It&rsquo;s going up so who cares whether it&rsquo;s a bear rally or bull market?&rdquo; Those people who are betting on a bear market rally may end up regretting it for the next 10 years or so.<br /><br /><strong>MIKE LENHOFF </strong> BREWIN DOLPHIN<br />My view on this for a while has been: &ldquo;It&rsquo;s for real&rdquo;. What&rsquo;s been going on is a change of sector leadership away from defensives and into cyclical stocks. The market is really tired of the bear market story &ndash; it&rsquo;s saying, &ldquo;look, our conviction is growing and the efforts of policymakers will work&rdquo;.<br /><br /><strong>SIMON WARD </strong> HENDERSON NEW STAR<br />I&nbsp;don&rsquo;t think that it&rsquo;s a bear market rally &ndash; the lows in March will hold. We are probably going to get a pull-back at some point in the summer, but over the next 12 months I think we will be up on where we are now. The market does look a little over-bought at the moment.