There Is Always a Reason Not to Invest

In recent times it has felt as though almost every year has brought a crisis — COVID, soaring inflation, sharp interest-rate rises, the war in Ukraine, trade tensions, fears of AI disruption, conflict in Iran, and surging energy prices, to name just a few. Each time, negative headlines have fuelled concern and given people plenty of reasons to stay on the sidelines and wait for things to calm. History shows, however, that investors are rarely rewarded for waiting until uncertainty disappears. Uncertainty never disappears; it simply changes shape. As one concern fades, another emerges.