The Value Perspective: This year, forget forecasts

January traditionally sees many investors trying to fill the blank slate the new year represents with forecasts of what the coming months will bring. Ever the contrarians, a more recent tradition has seen The Value Perspective offering up our own new year ‘anti-forecast', which is intended to illustrate the dangers and indeed utter pointlessness of trying to predict the future. As 2018 begins, then, we find ourselves looking backwards rather than forward - and specifically to 2013, when we built up stakes in Microsoft and a number of other technology names that are not usually associated...