According to Nietzsche “out of life’s school of war: what does not destroy me, makes me stronger”. Investing in the period from Q4 2008 (Lehman’s) up until today has felt like a war-zone. Without wishing to belittle the horror of war; the angst of poor investment performance has its stresses and reaches far into the community; but it doesn’t kill us!
We survive, and “good” survival means understanding our environment. Listening to a debate between Multi-Managers: Sean Daykin (Emirates NBD), and Glyn Owen (Momentum) — it is quite clear that the research departments of both take the view that low growth and the stresses of continued global deleveraging will hang around for some time. Single digit investment performance to these guys is the “new normal”.
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