Simon English: Doomsters wrong over crash that never was
Thursday 23 August 2012
Outlook Talking of the stock market, what happened to that crash the folk who look for doom in every corner were so enjoying?
That old City cliche so hoary it is physically painful to write – sell in May, come back on St Leger day – was trotted out with tedious regularity by seen-it-all-before bores roughly once every 15 seconds at the start of the summer.
Academic "proof" that the stock market will collapse in the summer was traced back to 1694 by one commentator, who probably remembers each miserable year since then.
For a while the misery-guts crowd even looked like being right. The FTSE 100 was around 5,800 at the start of May and soon plunged to 5,300 by June. Market in crisis! Billions wiped off!
Since then it has been on an impressive bull run, and closed last night at a bit below 5,800 despite a bad day at the office that saw it lose 80-odd points.
So if you'd ignored the traditional advice and sat tight, you'd at worst have lost nothing, saved a few quid on dealing fees and might even be up a bit overall.
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford plane crash: Star Wars actor 'seriously injured' after light aircraft crash lands
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...