Category: News

Drying Up

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

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 […]

Risky Business

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

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 […]

Gearing Down

Gearing Down

April should be a time of reflection for those interested in UK equities. The month offers a lull between the avalanche of information that comes with the corporate reporting season, and the subsequent pick up in activity for Q1 reports and AGM statements. It also offers the space to take a more reflective look at […]

Eyes Wide Open

Eyes Wide Open

Since our last missive, we have had the Spring edition of our Wise Man meeting, where our two “economists-in-chief” – Bob Semple and Adrian Cunningham – help us make a little sense of the wider macroeconomic picture.  As we have said many times before, these meetings are never designed to give “answers” to particular stock-picking […]

…and breathe

…and breathe

Readers of a certain vintage may be able to recall perhaps the singularly most ludicrous and cack-handed plot twist in television history when Bobby Ewing popped out of a shower at the start of the 10th season of Dallas, and as a result confined the whole of the 9th season as a bad dream of […]

Opportunity Knocks

Opportunity Knocks

For much of the second half of last year, we tempered our general optimism for positive UK equity returns with a growing realisation that the serene nature of the upward drift in global markets might be distorting the appropriate pricing of risk.  Indeed, this was not just a factor for equity markets – bond market […]