31st December 2019

In 2019, central banks once again managed to moderate recession concerns, allowing risk assets to make new highs as balance sheets resumed expansion. Moving into 2020, will questions about the effectiveness of monetary stimulus over the longer term come back to haunt markets as they did in 2018? Click here to read the full article […] more

16th December 2016

Introduction Having managed fixed income portfolios for well over a decade, the dangers of passive benchmark style investing are well known to us. Indeed, we would have shared our concerns with many of you over the years. As the evolution of any credit cycle will show, investor compensation for risk is gradually eroded over time. […] more

16th November 2016

‘Rhetoric is cheap. Evidence comes more dearly’ – John Fund As 2016 continues to deliver (in spades) on the political surprise front, along with the rest of the investment universe we are attempting to assess the impact of this change on financial markets and our portfolios. Longer term evaluation requires consideration of the effect of […] more

14th October 2016

During six long years studying economics and quantitative finance, never once was the law of unintended consequences investigated with any great rigour. Market participants, it was assumed, were rational. Very rarely did we even examine economic theories from a cost/benefit perspective. Implicit in our analysis was that most convenient of phrases - ceteris parabis. It seems then that I left university with a degree in wishful thinking! more

14th September 2016

Global Central Banks now own $24 trillion in public securities and have driven another $14 trillion’s worth into negative yields. $40 trillion in un-investable securities. Incredible. Yet still, after over 260 rate cuts and all of the $trillions of QE, developed market countries still face major economic issues. more

10th August 2016

In some respects, last month’s Brexit vote seems like a lifetime ago. From its June 27 lows the FTSE has rallied over 1000 points in just over one month. Similar gains have been seen elsewhere in Europe, US, Japan. Not for the first time, central bank activity has trumped economic concerns in guiding market expectations. more

11th July 2016

For many, the unthinkable has happened. What is clear in the initial aftermath of the Brexit vote, is that many questions have emerged that are likely to remain unanswered for some time. What will Brexit mean for the wider Eurozone project? What are the global implications? more

8th March 2016

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