Where did I go wrong? I often ask myself this question, but this is the first time I have asked it on the back page of the Weekend FT.
It needs to be asked, however, because - as various readers have kindly pointed out - I failed to see this rally coming. To be fair to myself, I foresaw the chance of a big rally this year. Part of the physics of markets is that huge sell-offs are followed by big rebounds. But this rally, which has begun to tire in the past two weeks, is now arguably the biggest such rebound in the past hundred years. I plainly did not get readers ready for anything so dramatic.
