Many futures are possible!

For the most part, I think it’s fair to say that investment performance is what happens when a set of developments, geopolitical, macro-economic, company-level, technical and psychological collide with an extant portfolio. Many futures are possible, to paraphrase Dimson, but only one  future occurs. The future you get may be beneficial to your portfolio or harmful, and that may be attributable to your foresight, prudence or luck. The performance of your portfolio under the one scenario that unfolds says nothing about how it would have fared under the many “alternative histories” that  were possible.

Many futures are possible!