Happy 10th birthday choppy bull market

Frustrating political divisions have drowned out the 10th anniversary of what many have called the most unloved equity bull market in history. Broad based equity market investors (those who held their nerve) have enjoyed annualised returns of over 10% since that frightful March 2009. This is quite extraordinary given the low investor confidence and general lack of exuberance this bull run was characterised by. It must have felt just as extraordinary for the big winners of the previous decade – hedge fund investors. To their surprise, plain, vanilla, low cost investments of diversified equity funds generated superior returns, despite being generally accessible for the ‘average Joe’ and not coming with excessive fees.

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