A strategy for 2018

IT involves the D-word. The Outcrop, by Robin Bromby.

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Can we just, for a few minutes, put down the latest drilling intersections and instead lift our eyes to take a look at the big picture?

Because, frankly, it seems a little bit of unease is creeping into the outlook – and not from the usual “the sky is falling crowd” but from the mainstream.

However, if things do turn down, perhaps we have less further to fall than some others.

Consider this: from its March 2009 low (the worst time during the GFC) to yesterday’s close, the ASX All Ords has gained 99.5%. But if you take the S&P 500, the same period has seen a gain of 312%.

This suggests that the froth in the market is less pronounced here than on Wall Street, which is a...