How much further can stocks and bonds fall, how long will the downturn last, when can we expect to recover the losses incurred this year?
While we do not have a crystal ball and cannot give any guarantees about future performance, we endeavour to provide our portfolio commentary on a best-efforts basis.
The best way to navigate these queries is look at similar episodes in the past, with the humility to admit that this is merely an indication of what the future holds, and we are talking about probabilities rather than certainties.
History does not repeat itself, but it often rhymes.
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