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DIY investor: uncomfortably expensive

Trying to “time the market”—buying low and selling high—is by common consent impossible

By Andy Davis   July 2015

Markets at the moment remind me of a machine at the soft play centre that our children love. The youngest is fascinated by this device, which makes brightly coloured plastic balls float before her eyes on jets of air. They totter on the updrafts in a precarious dance but if she stretches out her hand to grab them they fall to the floor.

Markets may not be imminently heading in the same direction but things feel precarious. Bonds of all sorts look dangerously expensive: there’s limited room for their prices to go up and plenty of room for them to…

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