Investment Strategy: Fourth Quarter 2020
Welcome to the fourth quarter 2020 investment strategy.
(You can email, print or create a PDF using the convenient icons at the bottom right of each article).
Our Changing World
We tend to concentrate in this newsletter on just the financial metrics, bond yields, equity returns and all that jazz. I like to throw in a bit about music and films and the footy every so often to give us all a bit of a break from the heavy stuff...
Read more
Currencies
The much-derided euro is now the currency of choice following the announcement of an EU fiscal package which for the first time involves debt mutualisation and the promise of a unified rather than single country fiscal policy in the future...
Read more
Fixed Income
Government Bonds, conventional and linkers, have been the safest of havens this year, posting strong returns...
Read more
Technophile or Technophobe?
The stock market has been very rational in rewarding the winners (tech, healthcare) and pounding the losers (energy, banks). But has this gone too far?...
Read more
Market Outlook…Be prepared
The investment contradiction is massive and obvious, we’re in the middle of a pandemic, economic growth has cratered, opening up economies is bringing the virus back but stock markets, bar in the UK, have made a near full recovery. How come?...
Read more
Market Returns
Wall Street has produced positive returns for investors even in this cursed year, courtesy of its 30% weighting in the rampant technology sector, showing that sector composition has been a more important driver of markets than geography...
Read more
Macro…a little better?
Forecasts have been edging up over the last couple of months but what has become painfully apparent is the trade-off between economic growth and public health...
Read more
General Market Review
Economic data is steadily recovering and the market is ‘looking through’ this year’s dreadful recession to a meaningful recovery in growth and earnings next year...
Read more
Investment Strategy: Fourth Quarter 2020
Welcome to the fourth quarter 2020 investment strategy.
(You can email, print or create a PDF using the convenient icons at the bottom right of each article).
Our Changing World
We tend to concentrate in this newsletter on just the financial metrics, bond yields, equity returns and all that jazz. I like to throw in a bit about music and films and the footy every so often to give us all a bit of a break from the heavy stuff...
Read more
Currencies
The much-derided euro is now the currency of choice following the announcement of an EU fiscal package which for the first time involves debt mutualisation and the promise of a unified rather than single country fiscal policy in the future...
Read more
Fixed Income
Government Bonds, conventional and linkers, have been the safest of havens this year, posting strong returns...
Read more
Technophile or Technophobe?
The stock market has been very rational in rewarding the winners (tech, healthcare) and pounding the losers (energy, banks). But has this gone too far?...
Read more
Market Outlook…Be prepared
The investment contradiction is massive and obvious, we’re in the middle of a pandemic, economic growth has cratered, opening up economies is bringing the virus back but stock markets, bar in the UK, have made a near full recovery. How come?...
Read more
Market Returns
Wall Street has produced positive returns for investors even in this cursed year, courtesy of its 30% weighting in the rampant technology sector, showing that sector composition has been a more important driver of markets than geography...
Read more
Macro…a little better?
Forecasts have been edging up over the last couple of months but what has become painfully apparent is the trade-off between economic growth and public health...
Read more
General Market Review
Economic data is steadily recovering and the market is ‘looking through’ this year’s dreadful recession to a meaningful recovery in growth and earnings next year...
Read more
