It is the fear of opportunity that we call the Anti-Bubble: it describes how the UK stockmarket has become the complete opposite of where it was at the height of the TMT bubble in 2001 - black and white, chalk and cheese, matter and anti-matter, bubble and anti-bubble.
Back in 2001 everyone loved equities, and within the equity market they especially loved anything with greater risk because, of course, risk (such as technology growth stocks) meant an ‘opportunity to make money’. Greed was commonplace, fear was for wimps, defensive stocks such as Tobacco and Food Producers could be safely ignored, however low they were priced.
Fast forward to today and what do we have? We have a hatred of equities, as reflected in very low valuations, and, within the equity market, anything that has a hint of risk (such as cyclical earnings) is considered close to un-investable because risk now equals a short-term threat to share prices that no-one has the appetite to bear. Fear is commonplace, greed is for madmen, and investing in stocks that are absurdly cheap is considered to be speculation and not sensible long- term investing. The only place to be now is those very same Tobacco and Food stocks that were friendless twelve years ago. This is the Anti-Bubble.