THE more things change, the more they stay the same. For investors, with 2020 still fresh in their minds, this year has been yet another case in point.
With so much having changed this year, it is easy to believe we’ve entered a new paradigm. But although much has changed, the future is no less certain than it was a year, or two, or even ten years ago.
Investing today is equally challenging, because we’re still looking to make portfolio decisions in highly uncertain times.
We still need to carefully review the opportunity set, try to put emotions aside and take calculated risks.
The reward then lies in waiting to see whether we realise a return better than risk-free. This sounds simple, but it is far from easy.
For most…
