Snowden and Milburn: Markets still far from the bottom

Kames Capital's bond managers Stephen Snowden and Phil Milburn have warned it is too early to start buying up cheap stock as we are only 75% of the way through the European sovereign debt crisis.

Although Snowden described recent events as "easily one of the worst sell-offs in history" he said valuations are still not cheap enough. The managers moved defensive in July, cutting exposure to financials and taking an extremely underweight position in banks while buying up AAA stock, and said they are "primed to buy" across all funds they run. "There is tremendous value out there but there are also tremendous challenges. We will start to buy back into financials but they are not yet cheap enough to warrant the risk," said Snowden. "We are probably 75% of the way through this. I ...