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Stewart Cowley: the extraction of wisdom

by Stewart Cowley on Apr 14, 2014 at 14:30

But this should be seen as part of the process of 'early movers' acting on the markets rather than the emergence of wholesale money flows – that could be yet to come. 

Unfortunately, we now work in a market system that – despite our best efforts to finesse it – behaves in a coarse and uncouth way, indiscriminately sending prices higher or lower to an extent that you feel like a helpless passenger commentating on a car crash rather than a careful driver steering a considered course.

And it doesn’t take much of a shift in perceptions to set off a new and powerful trend.

You could say that whilst I have had my wisdom extracted, Mr Draghi may have just implanted a new wisdom into the markets that will dictate our investment taste sensations in 2014.

Citywire + rated Cowley runs the Old Mutual Global Strategic Bond fund, which has returned 5.6% in the three years to the end of March versus 1.78% rise in the benchmark.

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