By David Scott | Monday 20 June 2016
In the longer term only enterprise of business and labour in the free market can produce growth and prosperity and that is much longer than an electoral cycle. Investors play a very dangerous game when they confuse speculation with valuation. Both are important drivers of returns, but only valuation is durable. This divergence between price and reality will be resolved at some point and this is likely not to be to the satisfaction of those with a bullish and speculative bias.
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