The philosophy of pessimism holds that life is not worth living and non-existence is preferable to existence. Perhaps the most fulsome exploration of this idea can be found in Arthur Schopenhauer’s The World as Will and Representation, first published in 1818.
As you might imagine, the book is far from an uproariously rib-tickling read. It is therefore tough to recommend. If you want to grasp its underlying message, it might be far easier to instead put yourself in the shoes of a UK equities manager over the past five years.
It may be an exaggeration to say this market has driven people to abject despair and a Schopenhauer-like sense of utter futility, but it is reasonable to suggest it has severely tested their powers of optimism from time to time.
The problem has not been that UK equities have failed to perform per se. Rather, it has been a widespread perception that much better opportunities are to be found elsewhere – most…
