Portfolio review: hard pounding

I imagine that very few wealth managers and advisers will be relishing writing their end of year reports to clients. 2018 was, by any standards, a difficult year to navigate with 90% of asset classes delivering a negative return. Cash that yielded next to nothing was one of the best performers. The surge in volatility should in theory have helped traders to plunder something from the wreckage, but in practice few did (an honourable mention here to BH Macro, one of the few surviving hedge fund investment trusts I follow, which delivered a total return of 12% over the course of the 12 months).

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