Europe's recent market falls equate to '82 years of lost risk-free returns'

In Greek mythology, Sisyphus was punished by being forced to roll an immense boulder up a hill, only to watch it roll back down. Europe's equity investors must know how he feels.

In the past 12 months, the European market rose 25% just to pare back all those gains in the space of a few months. With European 10-year yields at 0.4%, the fall equates to 82 years of lost risk-free returns. The reasons for the fall have been well documented and once again markets are being dominated by macro events. This calls into question the case for bottom-up investing, the proponents of which could be accused of failing to see the wood from the trees.   'Sell everything'? Managers reveal coping strategies for turbulent markets What is striking about the drivers of the rec...