Advisers who advise clients to invest for the long term have said short-term market predictions are unhelpful.
Philip Milton, who runs Philip Milton and Co, an intermediary firm in Devon, said investors who try to time the market by selling at the top, with the intention of buying the shares back later after a fall, are often proven to be incorrect.
But he said it is concerning how much of the gains made by equity markets have come from a small number of US technology companies. He said the tax treatment of those companies may change in the years ahead.
He also expressed the view that returns from US shares have been artificially boosted by both share buybacks and monetary policy.
Mr Hargreaves long-term view is that UK investors don’t buy enough US equities, and focus too much on equity income shares.
David Coombs, head of multi-asset investing at Rathbones said his investment strategy in the current market conditions is to: “Focus on the US, Japan and Asia Pacific for growth. Build up government bonds in Europe on weakness to combat the threat of recession and avoid European and UK domestic earners.”