Over the last five years, we have faced in our daily lives pandemics, wars, cost-of-living crises and countless other “unprecedented” events. For an active investor, events such as these need to be monitored, managed and risk-adjusted for. However, they must also seen in the context of the limited impact they will have on even medium-term returns for a sensible, rational investor Risks, crises and unknown unknowns have, and always will, exist. However, the focus on them seems larger than ever before. The Financial Times recently described this modern doom-scrolling phenomenon as “bleak chic”. The paper wrote how there is “an ingrained…

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