The Times: Patrick Hosking – Taking the long view can be a guide to dealing with constant surprises

 

The Credit Suisse Global Investment Returns Yearbook, co-authored by Elroy Dimson, Research Director of Finance and Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, tells us that equities in the long run have been a very effective way of building wealth — in spite of wars, asset confiscations and serious economic mismanagement at times.

“The longer you can look back, the further you can look forward,” said Sir Winston Churchill, who is also quoted in the yearbook. (subs)

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