Tom May: Could predictable returns be the key to setting expectations in low-return world?

The first half of 2022 is one that most of the wealth management profession will be pleased to leave behind. It is striking that as inflationary pressures mounted there were few shelters from the market storm it produced. Indeed, clients in some of the lowest-risk portfolios saw highly-similar losses on their portfolios to those in the highest-risk portfolios as bonds and shares fell in tandem. Now as markets struggle to place the rising cost of money in its proper place and contend with the weaker growth it will produce, we are coming to terms with the weaker returns that are likely ...