Bolton - true cost of crisis yet to be paid

Fidelity's Anthony Bolton says the financial crisis is now over though he believes the true cost in terms of debt and regulation has yet to be paid.

He says as consumers did not lead the economy into the recessions they could not be expected to lead on the upturn, as they have in the past. He also says the current recession is different to most. "You don't normally realise you are in a recession until you are part way through it, but this time most firms were already cutting inventories in anticipation." Looking towards 2010, he sees more merger and acquisition activity as companies seek ways of growing profits. He also believes 2010 will see less focus on macro issues, with greater opportunities for stock pickers. Special s...