Market notes: why not more bargains?

The market correction in the last quarter of 2018 was a salutary reminder of the risks inherent in high valuations for many investors, but the real disappointment is that it did not seem to create many obvious bargains in the process. At least that seems to be true of the investment trust sector (though not many individual stocks, as noted earlier). As Charles Cade of Numis notes in his start-of-year annual review of the sector, discounts on equity trusts generally remain very tight by historical standards. Despite the sell-off, they ended the year at 4.1%, the lowest rating on record.

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