The writer is a financial journalist and author of ‘More: The 10,000-Year Rise of the World Economy’
It is a truth universally acknowledged that equities will always go up in the long run. But anyone who backed a fund based on the UK’s FTSE 100 index must be starting to have their doubts.
On the last trading day of the second millennium, the index marked a then record high of 6,930.2, a story this journalist reported for the Financial Times.
But the index did not pass the 7,000 level until March 2015, and was below its end-1999 level during trading last Monday. While the index has gone nowhere, at least the total return has been positive.
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