The current rise in the markets is not a bear market rally, but actually a turn for the better, according to
Bolton, who is president of
Bolton, one of the top fund managers in the U.K. for the past 20 years, is also optimistic about consumer cyclicals.
This is the very early stages of a new bull market, rather than a lot of other people who are thinking its a bear market rally, Bolton said. Economic data is starting to get less bad. In addition, valuations are cheap and billions of dollars are on the sidelines, with U.S. money market funds rising by roughly $1 trillion in 2008.