In times of crisis, the Romans would consult the Sibylline Prophecies. Contained therein was a prophecy that the 12 vultures seen by Romulus as he founded Rome (despite founding a start-up he still had time left for birdwatching, living before the modern-day culture of investors demanding updates) represented a signal that the primacy of Rome would last 12 saecula, a saeculum being a period taken as something between 85-100 years. With Rome and the Western Roman Empire falling to the Visigoths in 410 AD the prophecy proved rather astoundingly accurate (this representing 1,163 years since the legendary founding, or c. 97 years per saeculum). Sadly, the prophecies have been largely lost, so we cannot whether the next Great Pub Re-openingTM of April 2021 will prove to be permanent and sustained (though we hear that teams of publicans are even now trying to coax Indiana Jones out of retirement). The end of the tax year is upon us, meaning ISA allocations need to be used or lost. Unfortunately, we can’t consult the Sibylline Prophecies to identify investment opportunities but must instead make do with the inadequate substitutes of data examination, qualitative reasoning and logical deduction. And the occasional omen (I won £4 on a scratch card just after drinking a Yamazaki, and you want to tell me that isn’t a sign I should buy Japanese stocks?!). Valuations, margins, productivity growth, inflation, demographics, the balance of income within an economy; all of these factors will impact over the long-term, even if their impact is less tangible in the short-term. We have focused on where we think the best opportunities are for growth in equities over the coming ten years, yet there will surely also be further opportunities in other asset classes. Nor do we think you should simply forget about your investments for the next ten years; markets and economies are capricious and outstanding entry and exit points will doubtless emerge over this period. Clearly investors need to continue to consult trustintelligence. co.uk on a regular ongoing basis to stay abreast and identify ongoing opportunities. Nonetheless, it is good to have a longterm framework to provide a structure for more near-term considerations.
