From the ASX to Wall Street, markets have been on a rough ride over the past month, hovering near correction levels before rebounding this week. Investors are split: is this a temporary respite to a longer sell-off, given fears US President Donald Trump’s trade and economic policies could lead to recession or an overreaction in otherwise favourable conditions?

Amid the relentless selling, some $US5 trillion ($7.8 trillion) was wiped from the S&P 500. Whether that is a buying opportunity or a warning has been greatly debated among brokers and fund managers. The Australian Financial Review asked some of the country’s biggest investors for their views.