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Homogenous behaviour imperils markets

Global markets are more interconnected than ever. That provides many benefits but it also has its drawbacks. Chief among those is the potential for investors to move in lockstep when driven by fear or euphoria, creating feedback loops that can result in crashes.

A good DC fiduciary is no coward

The defined-contribution system needs to switch its focus from accumulation to income. This means breaking away from traditional approaches – something most fiduciaries lack the courage to do.