I’ve got a case of euro-anxiety again

It's been another week where stock market optimism was actually given a chance, with US housing data looking unquestionably better than it has for years. So we now have to see if the EU leaders can spoil the party with a crucial summit over the next two days. It’s euro-anxiety again!

As an advocate of long-term investing and a follower of Warren Buffett’s advice to be greedy when everyone is fearful, I know the worst will eventually be behind us and stocks will soar, but it is the waiting game that is hard to cope with for most investors.

Waiting for the rally

During the week I interviewed Matthew Kidman, who writes in the Sydney Morning Herald, was a fund manager at Wilson Asset Management and who wrote the book Bulls, Bears and a Croupier Who Stopped Gambling and Made Millions. Kidman is a stock market historian and thinks we are in the last year of a secular bear market and it turns around in 2013, though he says it could start in the last quarter of this year.