Last week, Bull shared the first part of a trilogy of musings from when he and his mates (Mal, Nick and Steve) from the old days were on a recent golfing trip to Mallorca.

His first reflections were on valuations and performance indices.
This week, he focuses on how demographics will influence the success, or failure, of certain types of assets.
He concludes that, whilst some sectors are plainly more popular than others, it remains important not to lose sight of balance and diversification.
Enjoy your Sunday.