Investment Commentary

Biweekly Investment Bulletins

  • Great Expectations – Recent Stock Market Turmoil

    My comments are intended to provide a sense of perspective on recent stock market events.  I believe that they key factor driving markets at the moment is expectations of interest rate movements. The simple rule is that there is a hierarchy of risk and returns: If banks are paying low in...

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  • Capitalism, Politics and Horror Movies

    As stock markets continue their march beyond all-time highs the usual concerns start to emerge: Are stock markets over-valued? After the boom surely there will be a bust? What about Trump/Brexit/North Korea/China… etc? For those who are waiting to invest the prospect...

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  • The Dr Seuss of Investing – SAD, PAD, MAD and FAD.

    It’s that time of year again where the leaves start falling and temperature drops.  These misty mornings awash with autumnal colours look fantastic.  Some people don’t see the colours, blinded by the longer nights and deterred by the falling temperatures.  Seasonally Adjusted Depression (SAD) is a r...

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Monthly Market Commentary

  • APRIL - Corporate activity grips UK markets

    Despite ongoing Brexit-related uncertainties and fresh political instability in the UK, newsflow during April was dominated by a wave of corporate activity. Elsewhere, the ECB reassured investors that its supportive stance remained intact, while the BoJ’s quarterly Tankan survey revealed a decline i...

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  • FEBRUARY - Global sell-off in February

    Equity markets experienced a global sell-off during early February triggered by concerns that US interest rates might rise more rapidly than previously expected. Equity indices in the US dropped sharply, falling by more than 10% from their highs to enter “correction” territory, but went on to recove...

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  • JANUARY - Sterling Recovers against the Dollar, remaining the same against the Euro

    The pound strengthened to its highest level against the US dollar since the Brexit referendum in June 2016, rising above US$1.40. Although sterling was lifted by weakness in the US dollar, it also received a boost from mounting confidence over the UK’s economic outlook and hopes of a positive out...

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