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H1 2020 offers meaningful lessons
So we begin the second half of 2020, leaving behind us two of the most extraordinary calendar quarters in
history. But the difference in experience from an investment perspective versus the general public and most
Support balances increasing strains – for how long?
The consolidation in stock markets continues. After a brief sell-off at the beginning of last week, capital markets staged a recovery to leave things almost unchanged from a week ago. All in…
A new normal
After a wobble, capital markets have stabilised again. Global stock markets have not quite regained their
previous highs, but seem to have found a level, trading sideways since last Tuesday. For onlookers though,
risk asset prices probably look anything…
Stock markets suffer altitude sickness
Reading the news seems much more complicated these days. Our friend and old colleague, Rob Martorana,
has lived and worked in New York all his life. An excellent portfolio manager and great thinker about
investments, Rob has…
Markets are enjoying an uncomfortably benign pandemic
May 2020 will be remembered for many things. For most of the world, it was when lockdown measures
began to ease and people filtered back out into the sunshine for the first time in…
May ends with optimism and promises of more stimulus
The stock market recovery that started on 23 March – and was widely regarded as little more than a soonto-falter bear market rally – consolidated further over the last week of…
Big trouble in big China
Over the past week, it felt as if the new normal of enforced idleness paired with less stringent lockdown
rules and summer weather would lead to a happier mood across Western Europe, including the UK. The
US-China Cold war: Threat or blessing?
Halfway through May and stock markets have continued to deviate markedly from the classic bear market
pattern described in “The anatomy of a bear market” in The Cambridge Weekly of 30 March (see graph
Phase II kick-off – from staying home to staying safe
Last week was a short week for most regions. Friday’s VE day holiday here in the UK was labelled “Victory
in Europe” in 1945 and marked the huge victory against the…
In April, the virus ended the lives of over 190,000 people across the world. Of those, 13% were in the United Kingdom, nearly 25,000. The UK has been one of the worst affected countries during this pandemic. The…
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