2018 may have been a disappointing year for equities, but is shouldn’t have been a surprise. December 2018 dished up a rather distasteful present for the holiday period. Many lines were written in the broadsheets about the global equity market falls, but were they really anything out of the ordinary?

You could be forgiven for thinking that the world in general, and the UK specifically, is in a right old state. There’s certainly lots to be thinking about – Trump’s belligerence, China’s debt mountain, Putin’s malevolence, not forgetting Brexit and the prospect of a far-left leaning Labour Government. This inevitably leads to understandable concern for what this all means for investment portfolios. This note seeks to reassure you that well-structured portfolios are capable of riding out any storm.

It is an inevitable part of investing that at some point markets will fall by an alarming - if not unexpected - degree. We haven’t seen large market falls for a decade. We should expect that we will. When, and in what magnitude, no-one knows.

Modern life provides us - some would say swamps us - with so much news, information and punditry, which focuses on the here-and-now, that it is easy to be overwhelmed with the feeling of doom and gloom.