I don't care what the weatherman says: Why equities should still be a core holding

Having lived in Scotland for more than a decade, and having recently returned from an October half-term holiday in Cumbria, you will perhaps understand if I begin with a reference to something never far from my thoughts: the weather. Specifically, the distinction meteorologists make between weather (the state of the atmosphere at any given point) and climate (the average of weather over a period of time). I note this distinction as it is a useful analogy for how we think about one of the most fundamental aspects of investment: time horizon. For us, the weather (short-term fluctuations...