The oldest story in the business

The oldest story in the investment business is that it is unhelpful to be sharing a consensus opinion. The behaviour of markets since the autumn last year has been a classic case in point. Those who were gloomy about equity markets and expected the declines of the first nine months to continue after the first leg of the rally from October onwards have been proved wrong as the equity markets have powered ahead, admittedly on narrow leadership, while all the predictions that bond yields would have to fall soon have also been confounded. Here we are - nine months...