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Our valuation ratios - bonds are cheap when the yellow oscillator is near the bottom of its range. The orange line is our year on year projection.

Visitor: Technical analysis is certainly helpful, but it takes fundamentals to convince me.

RouteMaster: Sorry, if we failed to make that clear. In fact most of the charts in RouteMap are about fundamentals - mainly valuation and economics. In terms of investment philosophy, some are value-based, others are momentum-driven.

We will start with value considerations. Have a look at Real Yield on Bonds after Inflation. Here it is for Demoland. As a subscriber you could see the same chart for all the countries and  regions in our database and that is true for every type of chart in our system. Notice that here forecasts replaces the Buy/Sell signals in our database and that is true for every type of chart in our system.

This shows that bonds in Demoland have recently been  expensive, after their big rise and now still  provide a relatively poor real yield by past comparisons. Consensus forecasts underlying our model suggest that the real yield is  expected to stabilise around current levels.