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What if this time really is different for investors?

The focus should not be on trying to outsmart the market, but on managing risk

Summarise
    • For the last 20 years or so, it was possible to do well in markets without taking risk management all that seriously. That won’t cut it anymore – unless you are willing to tolerate lots of volatility, or even years of low returns.
    • For the last 20 years or so, it was possible to do well in markets without taking risk management all that seriously. That won’t cut it anymore – unless you are willing to tolerate lots of volatility, or even years of low returns. PHOTO: PIXABAY

    Allison Schrager

    Published Wed, Jul 9, 2025 · 07:00 AM

    THEY have been called “the four most costly words in the annals of investing”, and surely that’s true: This time is different.

    Still – hear me out – there are reasons to entertain the possibility that, well, this time really is different. The nature of risk is changing, and markets are changing along with it.

    The investing era of the past decade and a half, when just about everyone made money, has passed. That could bring more upside for investors – but also more risk. Investing will require more attention and skill, and risk management will matter again.

    Investing risksInvestment outlookWealth managementThe Bottom Line

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