Articles

“Howay the Ladds Monthly Spotlight” – September 2021

Welcome to the first monthly update from LWM. Each month we take a look at a topical subject, share some market statistics, look at which funds are doing well and where the money is going, and then share some thoughts from fund managers. We hope you enjoy this first edition! September Spotlight – China an […]

Unpicking the news

“The optimists. Oh, they were the ones who said, ‘We’re going to be out by Christmas.’ And Christmas would come, and Christmas would go. Then they’d say, ‘We’re going to be out by Easter.’ And Easter would come, and Easter would go. And then Thanksgiving, and then it would be Christmas again. And they died […]

Quarterly Market Overview – January 2021

“To expect the unexpected shows a thoroughly modern intellect.” ― Oscar Wilde, An Ideal Husband As we entered 2020, there was not a great deal that concerned us. We felt the China/US trade tensions would calm down as the first agreement was set to be signed, there was optimism that Brexit would be sorted in […]

News from the frontline – December 2020

“Sometimes you will never know the value of a moment until it becomes a memory.” – Dr. Suess This is the last “news from the frontline” for this year. Entering 2020, we were cautiously optimistic. The UK was facing political stability which it had not seen since the Blair/Brown days, and the US and China […]

News from the frontline – 20 November 2020

When we started this year there was a fair amount of optimism, then COVID-19 fundamentally changed so many things and accelerated transformations that in many cases were already in play. As we entered a second lockdown in England, there was a sense of positivity within our ranks. Although I had resigned myself to a Trump […]

It’s Deja Vu – All Over Again

The observation comes from the inimitable Yogi Berra; fabled baseball catcher for the New York Yankees (1946-’63). Firstly, yes, Yogi Bear really was named after him. Secondly, he was the absolute master of the nonsensical but still oddly profound sports saying. You just sort of knew what he meant. As examples: ‘When you come to […]

Thoughts from the front line….20th October 2020

This quarter the focus is on the US election, Brexit, and the virus. When we look at the US Election the polls seem to indicate a Biden victory, but as the voting system (Electoral College) favours the Republican party, we should not rule out a surprise. If we consider Brexit, we are experiencing brinkmanship, and […]

Pardon the interruption

Below is my take on the start on the year to now. An attempt to tease out the key elements as a guide to where we may be heading. I wrote this as a guide to myself and a reference for the team but it may be of some interest…….or not. Part 1 – from […]

Just another quiet week

This will be our final update for a few weeks. We aim to resume at the beginning of September unless something happens in the meantime. Most economies have moved from the initial phase of lockdown to second and third phases, which are a mix of restarting and adjusting to the new normal. The economic data […]

Quarterly Market Overview – July 2020

“To expect the unexpected shows a thoroughly modern intellect” – Oscar Wilde Looking back, at the start of the year we said we should not underestimate the unexpected but all things being equal 2020 might be a good year for equities. It seemed a bold statement but there wasn’t exuberance in the markets, the tensions […]

Zig zag to the onion bag

Portfolios have recaptured the majority of their pre virus values and the last month has seen sectors previously thrown into the dumper in March, receiving some investor love. Too much short term love in some cases possibly, but certainly not in all. This seems like an apt time then to take stock and look ahead […]

Adjusting to the new normal

Last Thursday the markets were rattled, and there was no specific reason for this however, it serves as a reminder that we are not out of the woods yet. In an update with Franklin they stated that no-one knows the path of the virus, or direction of economies, and we are entering a phase where […]

A sense of optimism – news from the frontline – 5th June 2020

A lot can happen in two weeks; the UK recorded the sunniest spring since records began in 1929, and the driest May for 124 years, the previous record was in 1948. On Monday, we were given some more freedom, and a road map to when things may gradually return to some normality. Tonight (Friday), we […]

News from the frontline – 22 May 2020

As the volatility in the market starts to ease, we are seeing the number of investor updates from fund houses slow. It does not necessarily mean the markets have tested the bottom, but rather there is not a great deal more to share at this stage. What we know is that there will be unemployment, […]

You don’t say

In a world this crazy, this is pretty crazy. The value of the investment portfolios are broadly the same now as they were in March 2019. How can this be you ask? That’s a heck of a good question. We think an amalgam of contributing factors are playing a part, so this blog will attempt […]

News from the frontline -15th May 2020

It is now over seven weeks since we went into lockdown. How times have changed; we have completed over 60 fund manager interviews already this year, and each week we speak to at least ten different investment teams. Even as recently as February, to speak or listen to a fund manager would normally mean attending […]

Views from the frontline – 7 May 2020

Listening to the Berkshire Hathaway annual meeting recently with over three hours of questions and answers by Warren Buffett, I was impressed with the ease with which he used the words “I don’t know”. It seemed quite liberating to know that it is okay to admit we do not know what the markets will do […]

Views from the frontline – 1 May 2020

In a week where the FTSE100 tipped back over 6,000 (briefly!) we have split the update into five themes – psychology and society, health, global economics, the role of technology, and environmental issues. This reflects the nature of the different discussions we are having, and all provide different and interesting insights. Psychology and Society Validea’s […]

Views from the frontline

It is worth remembering, that at the start of the year the thought of any recession was perhaps 2 or 3 years away. Although global growth was expected to slow, 2020 was likely to be a good year for investors. Whatever anyone’s views on the word we no longer mention, a stable government in the […]

How Screwed Up?

Howard Marks, a brilliant man, and hugely successful investor appeared on CNBC recently and was asked what he thought of the overall US market valuation. He answered that it was down 15%, but did that really represent how ‘screwed up’ the US economy is? The implication I think being no, it did not. Also, and […]

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