How to invest for the long term — time to go on the offensive

It is often said in sport that the greatest offence is a strong defence, and the same can be true of your investment portfolio. Consider football, rugby and American football — no matter how strong your striker, winger or quarterback, if they can’t get through the opposition’s defence, you don’t stand a chance.

In your investment portfolio, you might want to go on the offensive when you’re young and have time to take risks, but as you approach and enter retirement, defensive tactics become more important.

The 15 years since the global financial crisis have been a great time for aggressive investors. Those investing solely in US stocks have been heavily rewarded, for instance.

Yet, defensive investing has its time and place. As I try