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Leaviss also thinks there are still pockets of value in the bond market, despite soaring prices, and says corporate bonds look to be fair value against historic levels.
I would also argue that in this less fertile ground for bargains, we are in ideal territory for stock pickers to unearth pockets of value".
Emerging markets have rallied even more than those in developed countries in recent weeks and Gait says there are fewer obvious bargains than there were - but there are still pockets of value, for example, in Russian consumer companies.
Despite these pockets of value, we are hesitant to call the bottom for some companies, including the platinum producers and Anglo American, which are heavily leveraged to a very strong rand".
"It's hard to find real pockets of value in the financial markets today," said Rebecca H. Patterson, chief investment officer of Bessemer Trust, a firm that advises wealthy families.
And in an e-mail, Mohamed A. El-Erian, the chief executive of Pimco, said that while there might be some pockets of value in the Treasury market, "investors should also note that markets remain vulnerable to technical overshoots and, thus, quite a bit of volatility".
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Chris Hills, chief investment officer at IWI, says: "We are sending a clear signal to clients that at a time of rising asset prices, commercial property represents a pocket of value they should be investing in.
"Australian policy makers learned the lesson from Europe that there's a risk if you hand out too many free permits and you hand them out to the wrong sectors, that you get emitters both passing on the cost of carbon but also pocketing the value of those permits," he said.
In contrast, a substantial change in WQSI value from 2004 to 2039 occurred in the entire impact area, except for few pockets of no change in WQSI value.
What's the point of having a "store of value" in your pocket when you don't have enough of it to buy anything because you're unemployed?
In power-generation (Europe's most-polluting industry) companies passed the price of carbon credits on to customers and pocketed the value of the allowances.
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