Investors are being lambasted from all sides for their ‘short-termism’ when it comes to investment policy. But, in an environment of continued uncertainty, driven by political rather than fundamental factors, the whipsaw between risk on and risk off is creating a series of shorter, sharper cycles as investors increasingly trade in and out of securities at similar times. With heightened volatility comes the greater chance compound short-term losses will wipe out any chance of long-term gains, even for those who have the fundamentals right.