Quality is forever

Frightened by what the equity markets are doing to your investments? Don't be. As I wrote in these pages more than a month ago when the virus was just limited to the country of its birth, unanticipated negative shocks are part and parcel of equity investing. In fact, this risk is why there is a premium on equity investing, on why equities can earn more than deposits and such. Risk and returns are two sides of the same coin, the only problem being that we don't understand that risk is actually risk. The investment industry, by talking about risk tolerance and risk modelling and such things, has created the impression that risk is something predictable. It's not. In fact, it's the very definition of risk that it's not predictable. We make the error of calling