Market signals a warning to DIY investors

Low returns are on the radar … and they could get worse.

One of our favourite long-time contributors at Eureka Report, Gerard Minack of Morgan Stanley, has finally handed in his calculator after two decades and filed his final piece, which we publish below. As always with Gerard, it is sharp, surprisingly frank (for anyone ever employed by a major corporate) and as compelling for the retail investor as for any institutional client. It is a measure of Gerard’s influence that he rose to take a global research role at a Wall Street investment bank while operating from Sydney. It’s also worth noting that his departure from Morgan Stanley was noted in key US financial news outlets such as the Wall Street Journal and



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