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PPE = Politics, Pressure and Economics
In this delicate economic and financial environment, the world of politics can have a big impact on capital
markets. Last week, we saw both heads of that political beast, with news stories first buoying and…
Discomfort of disappearing safety nets
The summer season has started in earnest and yet, unsurprisingly, this year everything feels different. Most
of us are relieved restrictions are easing, meaning we can go about our lives more like how we were used
Fast and freewheeling – markets move as economies slow
As they have for most of the year, pandemic developments dominated the economic news flow last week.
Though restrictions continue to ease here and in Europe, the virus is now spreading at…
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
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