Artemis' Foster: Even the gloomiest investor should be optimistic in 'bondland'

Managers of bond funds have a reputation for being gloomy. Perhaps that is the price we pay for our repeated warnings about inflation, defaults and currency debasement, writes Artemis' James Foster.

Managers of bond funds have a reputation for being gloomy. Perhaps that is the price we pay for our repeated warnings about inflation, defaults and currency debasement. Certainly, 2015 has given us ample reason to worry. Take, for example, emerging markets. Often dependent on commodity exports, many also carry a lot of dollar-denominated debt. This year, the price of those commodities has plunged. At the same time, the expectation the Fed will raise interest rates has pushed the dollar higher increasing the burden of their debts. Another reason to be gloomy: the fall in the price of c...