Zero out the bad news

Pandemic, war, bank failures, and probably a few more by the time you read this column. It does feel like a time of exceptional turmoil. Well, it may feel unprecedented, but it's not. Spend some time going over the history of the last 30-40 years or so, and you'll realise that things are pretty much normal. In fact, if we were to have quiet three-four years, with no turmoil or negative events, then I would start worrying about the reversion to the mean that would inevitably occur. It's like earthquakes, actually. A few minor ones once in a while may actually relieve the stress and reduce the chances of a big one. So let's look at the last half-century. In 1973, things were quite bad. India was in a bad state economically, having just gotten through a war which was a military triumph but obviously very expensive. Then the first oil