Earlier this year, we decided that we wanted a new way to share information about our approach to investment management, how we operate and to whom our services are best suited. There are many considerations when making investment decisions, influenced by individual circumstances and objectives, which require a tailored approach. We decided that a helpful…
The Nobel Memorial Prize winning economist Milton Friedman noted that “only the government can take perfectly good paper and perfectly good ink and render the combination completely useless”. He was, of course, referring to the dangers of inflation, once governments lose control of it. Inflation is a problem that hasn’t troubled the scorer for years…
Readers of a certain age will probably recognise the title as a play on the chorus of Crosby, Stills & Nash’s 1969 hippy anthem, ‘Marrakesh Express’. ESG, on the other hand, is a little less long in the tooth. It stands for Environmental, Social and Governance and is an investment trend fast approaching the mainstream.…
Jagger and Richards sagely told us that you can’t always get what you want. Harry and Meghan would likely agree, as we suspect, would many investors who signed up for ‘equity income’. Or, to be more precise, a high income derived from equities. This particular corner of the equity market is big business but with…
Very few things in life are predictable; perhaps only death, taxes and the next three Russian presidential elections. The investment industry is based on prediction, which is a pity because it isn’t very good at it. Like a medieval alchemist attempting to transform base metal into gold (again), it is too often fixated with predicting…
It has been an astounding few weeks. As I write, the FTSE 100 Index is down 30% in a month while crude oil has halved in value as Russia and Saudi are no longer on speaking terms because the former did not want to adhere to production cuts sought by the latter. As the lowest cost producer,…
Philosophy (from the Greek, ‘filosofia’) means love of wisdom and concerns itself with the study of existence, values, reality and knowledge; all essential stuff. As we know, the likes of Aristotle, Plato and Confucius made immense contributions to human thought and civilisation. Strangely, these giants of the ancient world instantly came to mind the other day as…
The demise of Neil Woodford’s empire has been truly astonishing and it’s not just its founder that faces scrutiny. The spotlight is now on the Financial Conduct Authority, together with Woodford’s Authorised Corporate Director (ACD), Link Fund Solutions. The FTSE 100 quoted financial services group, Hargreaves Lansdown, also has questions to answer regarding the closeness…
Mark Twain remarked that “history doesn’t repeat but it often rhymes”. He’d probably never been to Argentina. A year ago, it issued $2.75bn of debt at a yield of 7.9% in a capital raising that was 3.5x oversubscribed. The duration of this bond (its life) was 100 years; a detail that Gillian Tett, writing in…
Investors will be well aware that world stock markets have been rattled over the past couple of weeks. Chatter about a mini crash came naturally after Wall Street shed 6% in a single session. Various culprits were rounded up; rising U.S. Treasury bond yields, simmering inflation, Oxfam, the reduction of central bank stimulus and the…