Thirty years ago when I started on the grad programme at Morgan Grenfell Asset Management, we equity kids looked down on the losers in fixed income. Bonds were dull and no one was particularly hot.
At trading them, I mean. Shame on you! But little did we all know that fixed income — from government securities to corporate bonds — was about to embark on the mother of all multi-decade runs.
Sure, equities have done brilliantly over the period too. The MSCI World index is up six-fold since I purchased my first share in 1995 by filling in a ticket. In pen. Buy 10,000 Sony at the open, please.
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