This month’s Absolute Return Letter is about the highly unusual set of circumstances which have underpinned the equity bull market of the last 35 years. Not one of the factors we identify did exceptionally well – they all did and, between them, they created the perfect breeding ground for exceptional equity performance. So far so good.
Unfortunately a reality check is required as it is exceedingly unlikely that those circumstances will be repeated in our lifetime. We should prepare for more modest returns ahead.
Enjoy the read.
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