Abby Roadshow: Goldman's guru is back and leading the bulls

Abby Cohen, the Goldman Sachs strategist whose bullish projections made her Wall Street's most famous pundit in the late 1990s, brought her optimistic new roadshow to London yesterday and told investors the stock market rebound since March is only the start of a sustainable bull-run. Global equities are into "the second phase" of a bull market, she says, with a synchronised global economic recovery, led by new business investment, set to gather momentum next year.

"Equity markets will be higher at the end of 2004 than at the end of 2003," she says. "The second phase of a recovery is where economic growth is moderate, profit growth is moderate, but there is growing confidence there will be sustainability. This phase is fairly long-lasting."