Legal Business

Being right in real life is much harder than being right intellectually

A long, long time ago when I used to report on fund management, one of the defining figures was Tony Dye, then the chief investment officer of Phillips & Drew, one of the City’s most storied asset management houses.

Dye earned himself the nickname ‘Dr Doom’ through his bearish stance on equities, in particular by making the case that global stock markets were overvalued as the 1990s wore on. By the end of that decade, there were a growing number sharing that conviction as the dot-com mania and a takeover boom hiked valuations. But Dye made the case as early as 1995, years before the market turned.