See who will pay the piper

Recently the FT reported that a leading survey of institutional investors found that they were more pessimistic now about equity markets than at any time in the past decade. Should we fear that this means the world will probably face the biggest bear market in a decade? I think not. As a novice stockbroker in the 1970s I was much impressed by the gunslingers of the day. They lived and died by their very visible daily unit trust prices. Some were good, and some were outstanding, but for all their publicity they were not representative of the bulk of their institutional colleagues, who were...