Big tech gets bigger while the Fed takes the easy option

28 August 2020

In a week where Donald Trump kicked off his re-election campaign in earnest, global investors showed it is indeed “America first”. US equities continue to push at all-time highs, having recovered everything lost in March’s...

COVID II the sequel – as scary as the original?

14 August 2020

The pleasures, and then increasing discomfort, of the UK’s unusually broiling August weather offered a welcome distraction from the seemingly never ending COVID news flow of gloominess. As the heatwave came to an end with a...

Summer sunshine beckons, but politics still casts a long shadow

31 July 2020

As July ends with stifling temperatures, thoughts can turn to the month ahead. August capital markets can be either quiet or decidedly choppy. As investors go on their summer holidays, daily trade volumes decline and liquidity...

PPE = Politics, Pressure and Economics

27 July 2020

In this delicate economic and financial environment, the world of politics can have a big impact on capital markets. This week, we saw both heads of that political beast, with news stories first buoying and then bruising market...

Discomfort of disappearing safety nets

17 July 2020

The summer season has started in earnest and yet, unsurprisingly, this year everything feels different. Most of us are relieved restrictions are easing, meaning we can go about our lives more like how we were used to until a few...

Fast and freewheeling – markets move as economies slow

10 July 2020

As they have for most of the year, pandemic developments dominated the economic news flow this week. Though restrictions continue to ease here and in Europe, the virus is now spreading at a quickening pace in the US, from the...

H1 2020 offers meaningful lessons

3 July 2020

So we begin the second half of 2020, leaving behind us two of the most extraordinary calendar quarters in history. But the difference in experience from an investment perspective versus the general public and most of the economy...

Support balances increasing strains – for how long?

26 June 2020

The consolidation in stock markets continues. After a brief sell-off at the beginning of the week, capital markets staged a recovery to leave things almost unchanged from a week ago. All in all, markets are now just slightly above...

A new normal

19 June 2020

After a wobble last week, capital markets have stabilised again. Global stock markets have not quite regained their previous highs, but seem to have found a level, trading sideways since Tuesday. For onlookers though, risk asset...

Stock markets suffer altitude sickness

12 June 2020

Reading the news seems much more complicated these days. Our friend and old colleague, Rob Martorana, has lived and worked in New York all his life. An excellent portfolio manager and great thinker about investments, Rob has written...