Part VI: When does a bull become a bear?
To the chagrin of the investing public, the US and Australian sharemarkets have found it difficult to deliver a positive return in recent years. The investing public, commentators and market experts have warned we must get used to lower returns in the future. After long and arduous research, I have concluded that the best guide to the future is the past. In this final section of the book I look closely at the nature of bull and bear markets and how previous market periods could provide the answers we are looking for. Fortunately, neither bulls nor bears control the fort forever.
Chapter 23: Is this a bull or a bear?
In my final few weeks working as a fund manager, I spent a lot of time doing what ...