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  • 9 December, 2019
    The Grass Isn’t Always Greener On The Other Side
    As the United Nations (UN) Climate Conference went underway in Madrid at the start of the month, we learnt that the current Governor of the Bank of England, Mark Carney, is to take an unpaid role as the UN Climate Action Ambassador.
    8 November, 2019
    Taking The Temperature of Markets
    Away from the noise surrounding Brexit, the UK General Election, and the current state of talks between China and the US on trade, what information or signals can we take from how capital markets are behaving, in regard to economic conditions and investor appetite for risk?
    4 October, 2019
    Is That All There Is?
    Outside of the United States, the major economies of the World have not enjoyed a strong 2019 to-date.  In Europe and Japan in particular, economic growth has begun to slow and this has led to a monetary response from the European Central Bank and expectations the Bank of Japan will respond next.
    4 September, 2019
    Hush Now!
    August lived up to its reputation as the most volatile month in the investment calendar.
    1 August, 2019
    From Hero To Zero
    As Central Banks the World over commence another period of activist monetary policy, we appear to be moving back towards a World of ZIRP and NIRP.  Respectfully, these are Zero Interest Rate and Negative Interest Rate Policies.
    12 July, 2019
    2019 Mid-Year Appraisal
    These are not times for complacency, nor fear, but instead careful assessment of the investment backdrop and how it is likely to evolve in the months ahead, with an ongoing focus on long-term strategic objectives.
    21 June, 2019
    Money for Nothing
    What is the true cost of cheap money? Maybe the answer is wasted spending, or in economic speak, ‘misallocated capital’. This is where money is borrowed and spent on projects and ideas that otherwise would not pass the smell test when interest rates are considerably higher than they reside now.
    3 June, 2019
    King Dollar
    Viewed from the outside, China and America now appear locked in a battle for global superpower status. This is a falsehood.
    15 May, 2019
    The Climate Challenge
    Recent disruption in London caused by the Extinction Rebellion Protests, an environmental movement focused on climate change, follows a 12 month period in which global warming has been in focus.  During this period, we have seen a greater incidence of extreme weather events, including wildfires and hurricanes.
    18 April, 2019
    The Risk Fallacy
    It is commonly believed that you cannot have more reward without taking on more risk. Financial risk can be defined in two very different ways.
    3 April, 2019
    It’s Crony Capitalism, Stupid!
    American millennials, it is said, are turning their backs on capitalism in favour of socialism. Be it socialism writ into the ‘green new deal’ we spoke about earlier in March, or espousing the conceit of modern monetary theory that we have also raised before. These ideas are predicated on the US Government taking over control of large swathes of supposed free markets, which has historically been an anathema to the United States, that sees itself as a bastion of free market capitalism.
    8 March, 2019
    The Green New Deal
    Climate change has become a pop culture drumbeat. Something we have to do something about. Unfortunately, we do not know explicitly what to do, but Governments take more money from us to do something.
    22 February, 2019
    Worrying About Nothing?
    In December, it appeared that the stock market falls would turn into a rout, and the US Government was shutdown thanks to arguments about Trump’s Border Wall. The drums started beating aggressively for those predicting an imminent recession in the US.
    8 February, 2019
    Modern Monetary Theory
    You may not have heard about Modern Monetary Theory yet (MMT). It’s still a developing narrative. But it’s growing, and it’s growing fast. It is a hip economic or financial model, apparently sweeping a World dissatisfied with the solutions offered by mainstream economics.
    25 January, 2019
    The UK And The EU: An Update
    The UK’s entire political focus over the first month of this new year has, of course, been Brexit. I thought it would be useful to talk though what has really changed as a result of these events.
    10 January, 2019
    My Word Is My Bond
    After the Great Financial Crash of 2008, the US Federal Reserve (the Fed) embarked on an unconventional policy that became known as quantitative easing (or QE). The purpose of this policy was to attempt to reduce long-term interest rates, after the Fed funds rate had been cut to effectively zero. Crucially, it was also designed to provide support to asset prices and assist their appreciation.