It seems like each week so far in 2017 we have been looking at different variations of the Trump reflation trade, and questioning whether the evidence backs a continuation, or a reversal. Frustratingly, it’s been…

For years, markets have been becalmed by the soothing remedies handed out by central banks at the first sign of trouble. And for years, many (ourselves included) have warned that there must be unintended consequences…

With all the talk of new President Trump, and how his proposals may impact the economy and financial markets, we thought we would pick up on something that seems to be slipping under the radar…

Donald Trump held his first press conference since the election last week. Just in case there was any doubt, we think the style and the substance tell us that change is coming; potentially big changes.…

Before we dive into this week’s missive, this will be our last commentary before Christmas. We may try and write a short commentary between Christmas and New Year if market movements warrant one. We wish…

Having spent the second half of last week on the road meeting investors, I have not yet managed to catch up on all the nitty gritty of what happened at the coal face. This is…

It’s been a busy week already with OPEC announcing its first production cut in 8 years, the usual monthly US employment report and the build up towards the Italian referendum this weekend. These are all…

With equity investors jumping on the Trump bandwagon, pushing the S&P 500 up by 3.5% since just prior to the election, we thought we would share some of our long term, bigger picture thoughts on…

There really have been some extraordinary market moves since Donald Trump became President elect a bit less than two weeks ago. According to Bloomberg, the last two weeks have seen; Global bonds poised for biggest…

Last week in “Peering past the election”, we outlined a potential reflationary period ahead that could either be elegant or disorderly. Clearly the market views Trump as more reflationary than Clinton would have been, judging…

To the relief of many, the US election should be over by this time next week. Not only will the US have a new President, but we will know who controls Congress and the Senate.…

Since the post Brexit plunge in bond yields, we have been becoming more negative on bonds. Along with virtually everyone, except central bankers, we have been banging the drum of how insane negative bond yields…

After another horrible week for Sterling on the foreign exchange markets, it has become all too easy to be overly bearish. There can be little doubt that the UK faces unprecedented political challenges in exiting…

Despite a calm exterior in terms of broad market price action, the under currents remain strong. The UK remains front page news with the Pound hitting multi-decade lows. However, it is the more subtle changes…

We finally got round to reading the Annual Long Term Asset Return Study published by Deutsche Bank. As always, this is a little treasure trove of charts and information and well worth the time spent…