3 Investment Lessons from the First Half of 2021

For the most part, the markets behaved in line with expectations.

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The first half of 2021 reinforced three investment principles, two of which are long-standing, and one of which is quite new.

The first is that the financial markets are essentially rational. There are anomalies, which I will shortly discuss. However, the general pattern is clear: most securities move logically. Their movements often puzzle contemporary investors, because background noise frequently obscures the essential facts. But when viewed in hindsight, investment behaviour is usually scrutable.

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About Author

John Rekenthaler, CFA  John Rekenthaler has been researching the fund industry since 1988. He is now a columnist for Morningstar.com and a member of Morningstar's investment research department. John is quick to point out that while Morningstar typically agrees with the views of the Rekenthaler Report, his views are his own.

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