Like the UK, Latin America has suffered greatly during the pandemic – perhaps even more so. The World Bank estimates that regional GDP may slip by as much as 8%, with more than four million…
Weighing the Risks for the UK
Although I am sure that you have had your fill of the UK election, we do feel the need to start off with a quick comment on our outlook for Sterling especially as the biggest…
Week in Review: May’s dismay at shock election result
Former British Prime Minister, Harold Macmillan was once asked the most difficult thing about his job. He replied with the now famous “Events, dear boy, events”. Theresa May would likely agree. With all but one…
Here We Go Again
Another year, another British political upheaval. 2015 had everyone expecting a hung parliament and we got a Conservative majority. 2016 gave us the delights of Brexit. 2017 completes the hat trick. The exit polls at…
Beyond emerging: Looking to the frontiers
Global economic growth may be accelerating, but stock market prices largely reflect this good news This may mean hunting elsewhere for investments that still have the capacity for stronger growth. Emerging markets may be one…
Are US Equities Entering the Death Zone?
We were on the road in Switzerland this week, and as we travelled along the northern shores of Lake Geneva, the view across to the French Alps is simply stunning. Many market commentators will describe…
Week in review: markets riding high
It has been a good week for markets. The FTSE 100 index and the S&P 500 touched new highs during the week, and there were also gains for Asian and European markets. Japan’s Nikkei 225…
Introducing the Kepler Income Ratings
Equity income funds are among the most popular investments for private investors, who have few other options when it comes to generating an income from their savings in a world of near-zero interest rates, yet…
Will China’s New Silk Road Reach Latin America?
Chile and Argentina have had their fair share of spats but both countries clearly agree that China’s new ‘One Belt, One Road’ initiative is important for Latin America. The presidents of the two southern cone neighbours…
Japan: Designed for a globalising world
Japanese markets are currently showing strength, but have been vulnerable to shifts in global investor sentiment The Japanese economy is showing strength, and corporate earnings are improving, which has not been reflected in valuations Picking…
Equity Market Thoughts
The flavour of our equity market comments in the last couple of months have been focused on the US which we believe to be in the third bubble of the last 20 years. We have…
Week in review: a resilient week for markets
The terrorist attack in Manchester on Monday evening led to an increase in the UK’s terror alert level, which was raised to ‘critical’, meaning the authorities expect further incidents to be imminent. The effect on…
The Benefits of Compounding Growth For Professional Investors Only
The power of compounding is a well-established concept, however its potential is often underestimated. The ability of an asset to generate consistent growing earnings by reinvesting operating cash flows is a fairly easy logic to…
The Good, the Bad and the Ugly For Professional Investors Only
Jonathan Baltora, Senior Portfolio Manager, discusses why a little inflation could be a good thing and why central bankers typically target 2% inflation.
Bonds Are Different: Active Versus Passive Management in 12 Points For Professional Investors Only
Opinions in the active-passive investment debate have drifted poles apart over recent years. We revisit this discussion by contrasting equity and bonds. We look at performance numbers and find that, unlike their stock counterparts, active…
Gentlemen Prefer Bonds
Last week, we promised a more detailed explanation of our current market views. We want to concentrate this week on bonds, where frankly we believe price action makes more sense than in equity markets. To…
Summertime, and the living is NOT easy
HISTORY SUGGESTS THAT WE SHOULD BE IN CASH UNTIL THE AUTUMN. WE CONSIDER IF THAT IS THE WISE IN 2017. The investment world seems to be a big fan of pithy bon mots. One is…
Week in review: Come what May
“We do not believe in untrammelled free markets.” Perhaps an unlikely proclamation from a Conservative leader, but these words were uttered by UK Prime Minister Theresa May when launching the party’s general election manifesto. Mrs…
Signs of Life Return to Chile’s Mining Sector
Any investment sleep was wiped from the eyes earlier this year when Goldcorp (TSX: G) opened its chequebook to buy two projects with a big-picture approach that could become the modus operandi for the sector. Goldcorp bought the…