Jonathan Davis

Most weeks I aim to provide some short extracts from my weekly diary, highlighting interesting research and other odds and ends that I have read, heard or otherwise noted. Some will relate to specific stocks, others to more general phenomena. This will be supported by a separate more practical summary of investment trust news and data and regular Q and As with leading professional contacts of mine. 

End of year reflections

Now that the results for the year are in, it is time to take a final look at the performance of the last 12 months, which I am sure we can all agree has been one of the more dramatic years in recent stock market history. There has been huge polarisation of performance both across and within sectors, reflecting the differentiated impact of the pandemic. Yet as things stand 2020 overall looks like going down more as a clone of 1987, when a dramatic panic-driven decline in the markets turned out to be just a blip in the ongoing surge of the equity markets through the great bull market of the 1980s and 1990s, than the climactic end to a bull market which many observers have predicted.