This week I want to write about a subject that we don’t like to refer to – fear.
Yet we see it as a driving force in a number strange and varied situations. It needs to be recognised in our investment strategies.
I want to illustrate fear in two situations in Australia, then in the international context. One of the remarkable features of the Australian capital scene is the fact that Macquarie Bank has an enormous cash deposit operation that comes from money placed via financial planners.