December 28th, 2012 | The New York Times
Past Turmoil Leaves a Lasting Impression on Today’s Investors
By Paul Sullivan
If there was one word that applied to investing this year, it was uncertainty.
But there were different kinds of uncertainty. To paraphrase Donald Rumsfeld, the former defense secretary, this year there were uncertain uncertainties and certain uncertainties. Some of the uncertain uncertainties were the European debt crisis, China’s handling of its stalled growth and leadership transition, and the presidential election in the United States.
The fiscal-cliff negotiations were a certain uncertainty. No one I spoke to throughout the year thought the talks would be concluded in a tidy fashion with weeks to spare, and they were certainly right.
“There has been a lot to worry about this year,” said
Gregg Fisher, president and chief investment officer of Gerstein Fisher, a wealth management firm in New York. “The other problem with uncertainty is we’re worried about what other people are worried about. This creates a huge amount of uncertainty without a path.”