Recession is the word on every fund manager, analyst and investor’s lips as we creep cautiously into a new year. Though it’s not a question of if one will appear but rather when – if, in fact, we are not already in one. As US stock markets tend to bottom five months before the end of a recession, the mantra of not trying to time the market is often thrown out the window when it comes to gauging when to wade back in. This may prove a year of false dawns, but it certainly will not be boring.