YOUR PORTFOLIO
“ Unfortunately , your starting point today is not a particularly good one . You ’ re starting from very high valuations across global markets , and therefore low expected returns ”
Duncan MacInnes Manager of the Ruffer Investment Company
matters a lot . And unfortunately , your starting point today is not a particularly good one . You ’ re starting from very high valuations across global markets , and therefore low expected returns , but the economic outlook isn ’ t fantastic either .” While FE Analytics data doesn ’ t stretch as far back as the 1960s , we can analyse another market that went even longer than 18 years without making money . A British investor who bought into Japan ’ s Topix at the peak of the market at the end of 1989 would have had to have waited 26 years to get back into the black . After 30
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