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Stay defensive until the spring was the call at the end of last year, with the most detailed advocacy for staying cautious until that point in time coming from Barclays Wealth, which issued the advice in its Signpost Annual Outlook. To avoid any confusion, the bank saw fit to name its outlook piece, 'A long, hard slog'.

So, what to do? Simple, and it's back to basics from Barclays. "Build

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