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What lessons should we learn from the Japanese Nikkei's "comeback"?

The biggest lessons I have learned are:

1. Today's winners aren't always tomorrow's, and vice versa.
2. It is very difficult to predict the future. Few people expected the Nikkei to be one of the best performing stock markets in the 2008-2021 period back in 2008. Few people expected much of the Nasdaq in 2003, 2004 or 2005, when it became unfashionable. I am sure markets like the FTSE in the UK will have their periods in the sun as well.
3. Reinvesting dividends is key. Somebody who reinvested dividends would now be up, even if they bought at the worst possible moment.
4. Diversification is important, as is a long-term perspective. Somebody who bought the Nikkei, S&P500 and a bond index at the peak of the Japanese bubble economy, and reinvested dividends from all three investments, would have done very well.
5. Most people buy high, and sell low, because they are attracted by recent strong performance - recency bias. A Vanguard study found that net inflows were highest during 1999-2000 - 18 years into a bull market. Net sales/outflows were highest during 2008-2009. It is unlikely all of these outflows were due to the bad economy and people needing the money.
6. After years of US stock market outperformance, more people are looking for alternatives in Asia and beyond. The South Korean, Taiwanese, Hong Kong and even Mainland Chinese stock markets are also doing very well.
7. Few people can keep to a long-term strategy and avoid just following trends.