Gosling's Grouse - Who are the alpha generators?

It is that time of year when we all seemed to spend a lot of time predicting - or more likely - guessing what are going to be the top-performing asset classes during the year next 10 years.

I have been at conferences where as soon as a fund manager says: “I’m a stockpicker, I don’t try and call the economy,” there is a roll of the eyes or even a yawn from some of the delegates. There are always some private investors who will want to know what is hot and will invest accordingly, but hopefully there are a growing number of investors and advisers who now understand trying to pick the next top-performing asset class is a mug’s game. I am sure most readers have seen that chart of the 10-year performance of a range of assets ranging from hedge funds to UK equities, that looks...