Columnists

Investments tend to go through three phases during a bull run.

Days like the commodities bubble of 2007 could return if 'hot money' goes back in to the resources sector.

Australia has become the first country to try turning the liquidity taps off. After bringing the official interest rate down to the lowest in 49 years, the Reserve Bank of Australia hiked it last week by a quarter of a percent to 3.25 percent and has hinted strongly that further rises are likely (some say the next rise could be as early as Melbourne Cup day next month).

Although share markets have recovered strongly in the past six months, they mostly are still lower than they were a year ago and up to a third below their level of just two years ago.

Property valuations are up and the market is showing signs of life at last.