Sell in May and go away. Not this year! Rather than disappearing off to fry on a beach somewhere, investors who stayed put have enjoyed a divine summer in equity markets. My pension has grown by a cool hundred grand and not a tourist to be seen.
At this rate my portfolio will pass ￡600,000 by the time I finish typing this sentence. Just four months ago it was ￡487,000. That’s an annualised growth rate approaching 90 per cent. Yes — the decimal point is in the right place.
Man, do I pity everyone who is short. Loads of professional investors have come out all year advising a high allocation to cash. Some placed bets that stocks will decline. I won’t name them — that’s cruel — but they’re not talking much these days.
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