Results of the US elections

As this issue marks the sixth anniversary of Portfolio Strategies it seems appropriate to comment on the conclusion of the very first column I wrote. It stated: "Should the new millennium herald a new era of investing, it may well be that markets cease to skyrocket but return to earth as gravity re-exerts itself. If so the fashionable buy-and-hold strategy would become old hat and investors will have to work for their profits again, exploiting cyclical swings in asset classes to maximise gains" That could not have been more right. In the following two years, the S&P Composite index fell...