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‘It is the future, not January, that determines the fate of financial markets’“Unfortunately, bad Januarys tend to stick in the memory of everyone. Headlines like ‘the worst start of the year since 1930’ – which was the case for the first week of trading of the S&P 500, for example – only help to trigger the feeling that we are experiencing something outspoken, something that has seldom happened before. But they’ve all happened before.”