Over-inflated

April marked our first in-person “Wise Men” meeting since the start of the pandemic. For the uninitiated, we use the colloquialism of “Wise Men” to refer to what is effectively a macroeconomic advisory group, used to pick the brains of our two long-term economic advisors. We have had many virtual editions over the last two […]

Here We Go (again)

We are approaching the end of another calendar quarter of life passing in a fashion that still cannot be described as normal.  The longed-for return to the easing of all social and economic restrictions is delayed across the United Kingdom.  Whilst we definitely have more freedom to go about our business than we had six […]

For Auld Lang Syne

As we approach the peak of the festive period, there will only be very few among us ruing the passing of 2020.  Whilst many of us will have had more challenging years in our lives individually than the one about to pass, the aggregate physical, mental and financial burden endured through this year across every […]

Far From Normal

Before we get into the body of this newsletter, may I convey our hopes that all our investors, contacts and their families have stayed safe and relatively unaffected over these extraordinary two months.  If that has not been the case for you, then our thoughts are very much with you in these difficult times.  If […]

Protecting the Vulnerable

On the afternoon of Sunday 23rd February – now almost two weeks ago – I tried the new Azuma trains running along the East Coast Mainline down to London ahead of meetings starting first thing on the Monday morning.  These new rolling stock are supposed to be a great leap forward in train travel.  I […]

Drying Up

It would be logical to think that investors could take a read from the strength of global markets in 2019 as an indication that things were set fair for a smooth run on fundamental factors into the start of 2020.  The volatility seen in the first few weeks of this year has reminded us yet […]

Blond Bombshell

The last decade in British politics has been nothing short of astounding in its capacity to confound the pundits and to challenge the orthodoxy.  It is fitting, therefore, that last week’s General Election should provide us with further seismic shifts in the political tectonic plates.  Perhaps the biggest change over the last week has been […]

Tales of the Unexpected

There have been several occasions over the last three years where we have hesitated to put our thoughts down on paper for posterity because of the risk that events would very quickly render those words irrelevant, or even absurd. Concluding on a cogent “world view” can be difficult at the best of times, but the […]

Risky Business

The summer is often regarded as the political “silly season” where campaigning bluster and over egged promises are more important than what can actually be delivered politically or economically.  One can argue that the political establishments in most of the major economies are currently in perpetual silly season; but if anything this has ratcheted up […]

Going with the flow

Our April newsletter attempted to pull together the general themes of the final results reporting season that took place over the course of February and March.  As a brief synopsis, we described a period that was largely benign for the majority of companies that hit market expectations with their numbers, but fairly painful for those […]