I could do without a repeat performance and the current consensus is that the economic backdrop will be better. Muddling through the journey back to growth of a rather feeble kind is what market scribblers forecast for 2013. We can expect no more of the developed world's democracies. Still, if recovery of a sort materialises, then January's 5 per cent gain might have risen to 8 per cent or 9 per cent by the end of the year.
In other words, 2013 could turn out to be another good year for my global fund, after the 9.4 per cent return it posted in 2012. Still, do I want too many 'good' years like those? Recall that the aims of the Bearbull Global Fund is - with limited portfolio churn - to generate steady returns with minimum volatility.