Stock markets worldwide have declined into bear market territory. The US S&P 500 is down 20% year-to-date, having reached a low of -31%. The MSCI emerging markets index is down 19% year-to-date, having reached a low 27%. The JSE all share has declined by similar magnitudes, down 22% from a low of 33% year-to-date.

For investors this is painful to see, and it shows up on return statements and fund fact sheets. We haven’t seen this since the global financial crisis and the great recession of 2007-2009...

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