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

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

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

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

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

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

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

Next week will see the release of the March factsheets for our funds.  Contained within them will be a subtle, but potentially significant, change of emphasis in the message we send out. Since the back end of last year, we have increasingly raised effective investment and reduced client liquidity in

It is a long held contention of Bob Semple, one of our resident Wise Men who provide us with economic and market insight over the course of the year, that the economic recovery from the depths of the downturn in 2009/10 is unique in UK post war history because of

Last Friday provided possibly one of the more incongruous sights we’re ever likely to see.  A slightly “day-glo”, septuagenarian billionaire (apparently) giving a Citizen Smith-style fist salute to the watching world as he assumed the mantle of leader of the world’s largest democracy and Commander-in-Chief of the world’s largest army. 

Our last newsletter of the year is being written in the aftermath of the annual attendance at my daughter’s carol service at the end of last week.  The theme of the sermon was again the Miracle of Christmas.  And yet again, I resisted the urge to collar the Minister after

Whatever else we might say about 2016, we have never been short of things to write about this year. And so that fact remains as we approach the last month of the year. The whys and wherefores of Donald Trump’s Presidential victory need no further discussion here. The consequences very