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The transition from one year to the next is essentially irrelevant for investment strategy. Even so, investors often adjust their portfolios at the start of the year, perhaps as a New Year’s resolution or simply because they have more time during the festive season to review their finances. Whatever the reason, what is important is to get the adjustment of the portfolio right.
For many years the central banks have been calling the tune on the financial markets. Now, instead of shrinking their balance sheets, the Fed and the European Central Bank (ECB) have reverted to balance sheet expansion. This means a further increase of their “market share” in the bond sector. Their influence is therefore growing again. From the investor’s point of view, the central banks continue...
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