Stephen Cranston Associate editor

There have been numerous bad jokes about 20/20 vision on social media now that we have reached that year on the calendar.

But even before the schools go back, Victoria Reuvers, a senior portfolio manager at Morningstar Investment Management, has produced the first serious paper on the relevance of 20/20 in 2020. She says investors have never been less confident that the past will be an indicator of the future. There are dark clouds ahead and nobody knows if it will be a light drizzle or a full-on hurricane. Yet it should not be forgotten that for all the pessimism of 2019, equities still delivered solid, inflation-beating returns.

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