The Contrarian Investor: My big contrarian warning for 2013

Welcome back! 2013 is upon us and no doubt there will be many serious conversations with clients about ‘what to expect' from the New Year.

If I could sum up the conventional wisdom of the informed, chattering investment classes it would probably be that equities are the best of a particularly bad bunch. Talking of crowds, I would issue one shrill, contrarian warning for 2013. Consensus trades always scare the heck out of me and there are quite a few lurking around at the moment. The quality equity trade ever so slightly concerns me, as does the vast flood of money into certain successful absolute return funds we all could name, but the real focus of my worry is infrastructure. Last year was quite an extraordinary one ...