Greg Davies: Investment returns are in the eye of the behaviour-holder

Three investment journeys

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Greg Davies: "If a portfolio falls and you are not watching, then did it really fall for you?”
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Greg Davies: "If a portfolio falls and you are not watching, then did it really fall for you?”

Classical finance asks us to believe the investment journey does not matter but, writes Greg Davies, ignoring strong intuitions of the investors who have to endure the journey is always a mistake

When is the same investment return not the same investment return? In the following graph are three investment journeys. They all start and end in the same place. Without overthinking it, what is your...

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