Columnists

Do you believe in the stock-returns fairy? This whimsical question is asked by US investment advisor William Bernstein, who finds it amusing that most people believe future returns are somehow linked to past returns.

Many years ago - well before computer games were dreamed of - there were a number of classic games that could be found in every takeaway bar in the country. One was modeled on a golf game, where you put 2c in the slot (I told you this was a long time ago) and, using flippers, attempted to move the money past some gaping holes in order to get your money back.