The high returns from cash and bonds over the last 30years or so won’t be repeated as starting point yields arenow much lower than was the case in the 1980s.

The current period of poor returns for shares is notparticularly unusual – investor sentiment is doing what itnormally does after an extended bear market in shares. It is dangerous to conclude “this time it’s different” & that shares will no longer provide a higher long term return.

To read Oliver’s Insight, click here.

18 July 2012

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