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

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

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

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 […]

Geared Up

This week has marked the start of the “belly” of the reporting season, where analysts and investors pore over a raft of statements on a daily basis; reading the tea leaves to work out what it is likely to mean for profits and dividends in the years ahead.  So far in this process, it is […]

What could possibly go wrong?

Our last missive of 2017 comes (as it normally does) after our final “Wise Man” economics and strategy meeting of the year.  And with it we try and look back on the year just passed, and deduce what lessons it might bring us for the future.  Revera blog-watchers will realise that we have been more […]

What price risk?

With the exception of two bampots with silly haircuts facing off across the Pacific Ocean, equity markets have not had a huge amount of big picture concerns over the summer months.  In the short term, the political administrations here and across the pond have curiously managed to hamstring themselves through their own incompetence.  A minority […]

Democratic Dangers

At the time of writing, and fully eighteen days after the General Election, we finally have some public assurance that the UK will have – for a time – a functioning government.  The Conservative & Unionist Party, and the Democratic Unionist Party have announced a deal that will see the Northern Ireland MPs provide votes […]

Yesterday Once More

Since our last missive, we have enjoyed the company of our two “Wise Men” for a day of debate and deliberation over the prognosis for the UK and global economies, and the subsequent implications for financial assets.  To jump straight to the conclusion, we were left with the sense that much of what has prevailed […]

Predictably Unpredictable

So, we have another newsletter to write, and yet again it is political surprises that are front and centre of our thoughts.  This time, the “shock” news is that we are all going back to the ballot box for the third time in a little over two years.  For those of us north of the […]