Our lady’s not for turning

MoneyWeek is well-known for its ‘trades of the decade’. In 2000, Bill Bonner made a pretty simple one. Sell equities, buy gold. It was brilliant, and made a good few people pleasantly rich.

In 2010, Bill came up with ‘sell bonds, buy Japan’ for the simple reason that the latter was cheap and the former expensive. We liked that, but wanted something even simpler. So we chucked in another – ‘sell emerging markets, buy developed markets’.

At the time, we reckoned that developed markets looked significantly cheaper than emerging ones.

The market had recognised all the problems in [...]

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