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They say valuation is another reason to keep faith.
Yet even there, hedge funds that exploit, say, valuation discrepancies among different classes of company securities are hard to compare, so varied are the possible strategies.Moreover, one of the few common characteristics of hedge funds is their aristocratic focus on "absolute" returns: the notion that you can make money even if there is a bear market in stocks or bonds.
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Some established industrial players say valuations are getting too high.
"After the euphoric bubble, people are starting to say valuations do matter".
Mr. Horner, the lawyer, said valuation is a tricky area for brokers.
UBS said: Valuation is a significant discount despite strong organic growth, and scope for a payout rise and M&A.
Moreover, he said, "Valuation is often not a helpful tool in determining when to sell hypergrowth stocks".
The bank said: Valuation has become less stretched as share prices have fallen significantly over the last month and performed poorly YTD.
RBC Capital Markets said: Valuation does not look enticing, given continued risks to forecasts, management uncertainty and a balance sheet that is becoming more stretched.
Charlotte Nelson of Moneyfacts.co.uk says: "Valuation and legal fees can add significantly to the overall cost and can vary in price depending on the cost of the property.
That said, valuation is never enough on its own and, with lingering problems in the banking sector, a catalyst for improving sentiment [and for realising this value] continues to be lacking.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com