Q: As advertising standards are keen to remind us, past performance is no guarantee of future results. What is the value of assessing the past 100 years of corporate bond returns?
A: There is no doubt that the evolution in markets has meant that one cannot be certain that past trends are relevant to the present day and to the future. Whilst we have examined 105 years of data, less than 10 years ago the European corporate bond market did not exist. In addition whilst we look very muc