"Specifically, in relation to the figures above, forward earnings expectations have yet to be reduced by much but such reductions are inevitable. Dividends are also likely to come under pressure.
"Risks abound but, for those who have a long enough time horizon, valuations are unequivocally more appealing than at any point in recent years. The problem is that, while uncertainty persists, they could become even cheaper. It is not the time to be recklessly bold but, if you have a long enough time horizon, the stock market is starting to look a much more interesting proposition.”