Markets can be exciting enough without gearing the bet

COMMENT

I find global investment markets exciting enough without needing to gear the bet.

When markets can halve one year and almost double the next, I do not fancy  borrowing extra money to invest. Nor do I use fancy financial instruments so I can put £2 at risk for every pound I have. The logic of compound arithmetic is remorseless. The investment adviser lives with the tyranny of percentages. He or she needs to remember that if you lose half your money in equities one year, they need to double the next to get you back to where you started. Even after such an exciting rollercoaster ride, you are worse off than if you had left the money in the bank and taken the interest rew...