When do bear markets turn?

'This bear is no different'

The summer rally in equities is firmly behind us.

For overly optimistic investors, it proved to be a false dawn, while for the realistic, it offered a good opportunity to rebalance equity weightings in multi-asset portfolios. Rallies are a common feature of bear markets, and this bear is no different. We have had four rallies so far in 2022. The most recent saw the MSCI ACWI rise by 13.2% and has now largely reversed. There may be more to come and patience is needed - but how can investors discern when a bear market has reached its nadir? Equity strategists try to gauge whether a bear market is nearing its trough by assessing t...