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The great thing with investing is the removal of independent probability. If something has fallen 20% the chances of it falling another 20% is less. And if it does fall another 20% the chances of it falling another 20% are less again. (This does not mean 100% CERTAINTY of it not falling...

Yes especially when you consider the % of the market that is tied up in superannuation funds and active funds management who are churning portfolios to constantly beat the index on a monthly and six monthly view yet alone annual view. Look how many funds managers have lost investment mandates...

KEEP THE FAITH Tony Young | 20 July 2008 Tony Young is a former head of research at Credit Suisse First Boston. Tony is now a consultant to Morningstar. The views expressed in this note are not necessarily shared by Morningstar. This is a confusing time in stock markets...