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

  • JULY - Market Commentary

    Introduction Let us invite you to travel back in time to June 2016, to the day after the Brexit referendum. Meanwhile, across the Atlantic, campaigning in the US Presidential election is in full swing. You are offered two glimpses into the future. The first is that two years on, the UK has appar...

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  • JUNE - Market Commentary

    Harold Wilson famously said that, ‘a week is a long time in politics.’ A month is a very long time when we come to write this commentary. Looking back to the first few days of May, the Royal Bank of Scotland was announcing plans to close 162 high street branches in the UK, Facebook said it was go...

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  • MAY - Market Commentary

    Introduction It looked for a long time that the main headline for this commentary would be the opening salvos in a trade war between China and the USA. The International Monetary Fund published a bullish report on world trade, saying that global growth will hit a 7 year high of 3.9% this year – giv...

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