Williams Investment Management Financial Commentary

Financial Commentary – February 2024

Stock markets have reacted badly to inflation figures from the U.K., U.S. and Eurozone.  We’ve commented previously about the groupthink that now infests central banks and policy makers, in general.  A cozy consensus was emerging that falling inflation would pave the way for rate cuts but inflation, while sharply lower over the past 12 months,…

Williams Investment Management Financial Commentary

Charlie Munger 1924 – 2023

RIP Charlie Munger, Vice-Chairman of Berkshire Hathaway, who died on the 28th November just shy of his 100th birthday.  While always attracted to the investment philosophy of Munger’s more famous business partner, Warren Buffett, as time progressed I became more Charlie than Warren.  Munger said less than Buffett but it resonated more.  He also cared…

William Investment Management

The Land of Make Believe

In James Cameron’s ‘Titanic’, Jack (Leonardo Di Caprio) perished while Rose (Kate Winslet) survived.  However, when Coutts hit an iceberg, the roles were reversed.  BBC business hack Simon Jack remains in post while Dame Alison Rose was effectively forced to resign, despite Nat West’s hapless chairman, Sir Howard Davies, expressing initial confidence in her.  I…

Williams Investment Management Financial Commentary

Financial Commentary – August 2023

Federal Reserve (Fed) minutes from its last meeting suggested interest rates were likely to rise further in 2023 although at a slower pace.  After 10 consecutive increases, June witnessed a pause in tightening.  In the Eurozone, service and manufacturing output weakened while its strongest economy, Germany, entered recession.  China continued to send mixed messages but…