Our Initial Thoughts The market sell-off that began in earnest on Friday 2 February appears initially to have been an adjustment of investor sentiment. Particularly since the passage of significant tax cuts in the US…
Gilts – The Bear Market has Begun
The Gilt index is an important benchmark for most UK fixed income investors, whatever their risk appetite. 2017 was a year of modest returns (+2% for the iBoxx Gilt index) but the fact is that…
Boom times for the global economy
BUT INVESTORS KNOW THAT. THEY HAVE BEEN BUYING THE RUMOUR OF STRONG GROWTH AND EARNINGS SO MAY SELL THE DELIVERY OF IT IN COMING WEEKS. WE NEED A NEW RUMOUR TO BUY. THAT RUMOUR COULD…
The Bank of England Does Something Only Previously Done in a World War
BUT DON'T PANIC. THIS TIME IS DIFFERENT… On November 2nd the Bank of England did something that it has only ever done before at the beginning of a World War. It doubled the Base Rate. The…
Letter From Japan
GEORGE PALMER HAS RECENTLY TRAVELLED TO JAPAN TO MEET COMPANIES THAT WE OWN AND MANY THAT WE DON'T. Due to some odd airline scheduling it is difficult to sleep on the way to Tokyo which…
The Risk of Doing Nothing
I'm forever blowing bubbles, Pretty bubbles in the air, They fly so high, nearly reach the sky, Then like my dreams they fade and die John Kellette, Jaan Kenbrovin 1918 Hardly a day goes by…
Feels Like We Have Been Here Before…
THE ELECTRIC VEHICLE REVOLUTION CHARGING FORWARD? How many people can recall when a famous British inventor last created an electric vehicle?[1] Sir Clive Sinclair dreamt up the C5 in 1979. In that year Millennial’s Baby-boomer parents…
A Synchronised Global Economic Upswing
All major economies are growing for first time since 2007 Amid the gloom and doom that characterises a lot of commentary about our world today, we think it worth noting that the global economy, by…
Are we late cycle?
WE LOOK AT WHAT THIS MEANS AND WHERE WE BELIEVE WE ARE Traditionally, the latter part of a cycle is characterised by rising real wages and higher consumer confidence, higher business confidence and investment, in turn…
Chart-catching – Value vs Growth Stocks
The chart below displays the performance of Value versus Growth equities, set against the US 10 year Treasury yield. Value stocks are those which trade at a discount valuation to the market whereas growth stocks…
Platform Portfolios For Professional Investors Only
Your browser does not support the video tag. Summary: Jeff Keen and John Bellamy review the performance of the portfolios over the last quarter and our outlook for investment markets
Fund in Focus
Your browser does not support the video tag. Summary text: Jeff Keen and Josh Oakley, managers of the Waverton Global Strategic Bond Fund, discuss the recent performance of the fund and their approach to duration risk…
Stock market reforms drive index reclassifications (or vice versa?)
WE EXAMINE THIS QUESTION WITHIN THE CONTEXT OF ASIAN MARKETS. Passive investment management, where investors typically buy an exchange traded fund (“ETF”) that tracks a market-weighted index, has grown in popularity over the last decade. …
Fund in Focus (video)
Chris Garsten, manager of the Waverton European Capital Growth Fund, discusses what he sees as the long term stock picking opportunities in Europe (As at 31.03.17).
Platform Portfolios (video) For Professional Investors Only
Jeff Keen, a member of the MPS team and Asset Allocation Committee, reviews the performance of the portfolios over the last quarter and our outlook for investment markets.
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…
Chart-catching – Hire or Lower?
THE PRICE OF US USED CARS, THE HEALTH OF THEIR MAKERS AND CONFIDENCE OF THEIR DRIVERS. Having been flat for several years, US used car values are now falling. The move is significant enough to…
With the launch of the new 12 sided £1 coin in March, we look again at the future of cash in society
Is cash still the bedrock of our civilisation? As the table below reflects, we’ve been writing off cash for 6 decades. Last year Waverton fund manager James Mee put forward the question: “Is the cashless…