How are you enjoying your August? As always, a lot of people are on holiday or taking the opportunity to do something more sensible than the normal routine which is great. Back in the day it was always the same in the world’s fund management corporations and, as I may have bored you with before, managers going on holiday during August gave me my first opportunities to be “in charge” (nominally). And every time this happened, markets ended up being very volatile. Sink or swim times. Despite the best efforts of Long-Term Capital and the like, it all worked out absolutely fine. And that is why a bit of August market volatility is par for the course from my perspective.
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