Chris Dillow

Over the long term, UK equities could hold up if the US suffers a protracted correction to high valuations – but we mustn't bet much on this.

A sustained rise in bond yields could finally cause value stocks to outperform growth.

Interest rate rises have only small effects on the economy. Uncertainty about rates, however, is also damaging.

The pandemic should remind us that our decisions are the outcome not of independent calculation but rather of social forces.

Neither judgment nor futurology can protect us from the huge losses that happen when bubbles deflate. Instead, we need an exit strategy.