Late for the party?

Retail investors


“Why are private investors so dumb?” demands one exasperated internet chat room correspondent. “They are the best contra-indicator around.” Relentlessly buying on past performance, despite disclaimers on every product, they come late to every party and soon get ejected, often much the poorer. Is their judgment really so very bad? Maybe they are badly advised, or are they simply victims of ruthless marketing campaigns?

The last five years have been a sizzling period for corporate bonds. The rally

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