Equity rallies can run and run before a reckoning, killing careers of sceptical investors
Japan in the late 1980s; Nasdaq/S&P in the late 1990s; emerging markets in 2007.
On average, the associated equity indices almost tripled in the three years up to the peak and then at least halved in the two years afterwards.
Fund managers who didn’t own them got fired on the way up.
Those that did own them got fired on the way down.
Robert Buckland FT 27 January 2021
https://www.ft.com/content/329a50d0-399b-4b69-847a-01aee41960e8
The writer is chief global equity strategist at Citigroup
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