Elroy Dimson

But typically what most investors will do is they'll lose them.

They may like that story.

They've got to stick with it for a long time.

And that mostly is beyond their patience.

It's a similar story to what I was talking about earlier, but if you've got good economic conditions in a country and you know in advance that's a good idea, the same is true for an industry.

But historically, I'm going to caveat this in a moment, but historically, if you bought into industries that were cheap, cheap defined, for example, with an aggregate price

price to book or cheap in relation to dividend yields.

Historically, buying into cheap markets or cheap industries outperformed a little bit.

But we've just been through a period where that's been a difficult strategy to sustain.

So if you have been convinced that buying into sectors that are cheap and

avoiding or even shorting ones that are expensive, that's not something which would have done very much good for your business.

Last year or so has improved.

That's because economic growth benefits all sorts of categories of people.

So if you think back to people who were buying into China, for example, there were people who a couple of decades ago clear-mindedly could see that China was going to do well.

But that does not mean that you necessarily do well buying listed stocks.

Those listed stocks will already have a price that reflects what's going on.

So the big beneficiaries will be the equity partners in joint ventures, or maybe individuals who start up their own business.

So economic growth can

help a country, it can help the people, it can help sectors and so forth.

The benefits get spread around.