Managing Expectations

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Investors have very short memories. For many the bursting of the Tech bubble has become shrouded in the mists of time and obscured by the significant stock market returns that we have enjoyed over the past three to four years.

But the last four years have not only seen strong equity performance, there have also been strong returns from property or property collectives and even corporate bonds have had limited pockets of returns. In fact, most asset classes, geographical regions or investment styles have returned double digit annual growth for a large proportion of the last four years. This has undoubtedly been a good time to be an investment adviser, and even though the rises have come from a low point in 2002, the fall out of the technology stock collapse will soon fall out of the five year performance statisti...

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