Markets have started the year down and have been quite volatile. This issue encourages investors to take a long-term view and not to second guess the market. In one of our favourite charts, we show (again) that every year markets fall - sometimes materially - from their highs. Reacting to falls is a bad strategy and long-term investors who stay the course will be rewarded. It is a simple message, but one worth reiterating at times like this.
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