So often, it seems that analysts and investors are aware of important long-term issues but choose to discount them, and focus instead on short-term ones, that seem more concrete – retaining only a vague sense of concern that they might be missing something. Keynes taught us the dangers of being myopic. So, for example, it is important to consider both short-term ‘momentum’ and long-term ‘value’ when investing: they are, as it were, two sides of the same coin. Niels’ book, and the approach he takes to separating out key long-term structural issues and hammering home their importance, may help to redress the balance. And it may well help a number of investors to improve upon their own approaches.
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