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 […]
Zig zag to the onion bag
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 […]
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 […]
It feels scary – but we can feel positive
We are writing this early Monday, with markets down substantially. We take the view that these are the times when clients need to hear from us with hopefully good information and considered analysis of the causes and effects of the events taking place. We have no expectation of being right, but it will be less […]
Interest rates – this time really could be different
As fads and phases in markets and economies come and go, the smouldering wreckage of once hyped ‘must have’ investments often lie in a worthless crumpled heap next to people muttering. ‘But I really thought this time was different’ It rarely is!
What’s Happening Next?
George and I spend many hours discussing the politics and economics of the world, with reference to where and how to most productively employ capital. We try, in doing this, to separate the personal from the strategic, so what I will write is not necessarily my own view on what would be best or honourable but rather an analysis of what we currently see as likely to happen and why.
Thoughts on Brexit
It’s the story of the Fox and the Turtle. The last few days have finally seen Brexit go from the abstract to the very real and very fractious. There is now a divorce settlement on the table and very few like it, which was entirely predictable. As we have said previously, there are such divergently […]
Market Volatility – causes and concerns
October has been a rough month for all global stock markets, with some decent downturns from 2018 highs. This blog hopes to address the concerns currently weighing on market sentiment and to examine whether they are transitory and emotional, or more fundamental. The biggest global concern depending on who you listen to, is either: US […]
Where to start?
I’ve been sitting staring at a blank screen for half an hour trying to decide how I start this update. It’s been a fruitless attempt to boil down all that is currently playing out and that remains in flux, to establish a core narrative. Essentially what is the single central theme investors should be focused […]
2016 – All things must pass
Writing a year-end review of 2016 could focus entirely on the story of Brexit, or the unbelievable Trump victory; seek to understand the epic collapse of oil or consider the cultural influence of the many icons who have passed. Or most confounding of all, how the heck did Leicester City win the Premiership and did Gary Lineker’s football shorts constitute underwear on MOTD.