Markets are sensitive to expectations, and losses not as severe as expected can bring out the bulls. Photo: AP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

The bulls are back, thanks to better-than-expected market news. But there’s little support for their optimism

  • Expectations have so much influence over investors that a slower contraction than anticipated has boosted markets
  • They’ve gotten ahead of themselves: there’s little about global conditions to indicate the economy has hit bottom

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Markets are sensitive to expectations, and losses not as severe as expected can bring out the bulls. Photo: AP
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Pedestrians are reflected in an electronic stock board in Tokyo, Japan, in 2010. Research shows that just over half of active managers outperformed a broad range of US indices during the dotcom crash in the early 2000s. Photo: Bloomberg
David Ogilvie
Opinion

Opinion

Macroscope by David Ogilvie

A financial recession may be fund managers’ last chance to win back investors from passive index funds

  • Index funds, with their sterling performances and lower fees, have quietly stolen the thunder from managed funds. The next financial meltdown could, perversely, be a chance for managers to show they are still worth investing in

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Pedestrians are reflected in an electronic stock board in Tokyo, Japan, in 2010. Research shows that just over half of active managers outperformed a broad range of US indices during the dotcom crash in the early 2000s. Photo: Bloomberg
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