Global stocks have enjoyed a big rally this year, prompting questions over whether equities are overvalued. Commentators fret that money tightening by central banks will further undermine sentiment. However, viewed from the viewpoint of value investors, the party has scarcely begun.

Market conditions have provided us with strong opportunities for finding undervalued - controversial - stocks with potential. Stock correlations have fallen to more normal levels with investors shrugging off geopolitical and macroeconomic threats that would have sent markets into a tailspin in the risk-averse world a year or two ago.