Investors are faced with increasing uncertainty as the global downturn continues. But all is not lost, says Andrew Bell, if you keep your eyes open there are investment opportunities to be found

For long-term investors, last year’s turbulence has rendered many assets cheaply valued compared to history. However, there are tactical risks, and the immediate outlook will be governed by a tussle between negative economic news and the hope that the policies adopted will create a better 2010. After the market dramas of recent months, how do you set a medium-term investment strategy to take advantage of the resulting opportunities?