• 2018
  • 2017
  • 11 July, 2018
    New World Order
    After World War II the United States and Russia broadly carved up large swathes of the World (China looked very much inward). In what has been known as ‘The West’, post-1945, we got used to a global system policed by an array of acronyms ranging from the IMF, IBRD, OPEC, EU, BIS, WTO etc.
    13 June, 2018
    Divergence and De-Synchronisation
    Recently economic data globally has shown signs of becoming more divergent, representing a change in direction following the period of synchronised growth observed during 2017.
    9 May, 2018
    Trump Trade Wars
    President Trump has not been afraid to upset the apple cart over many issues, since his election to public office, but perhaps the one area he has been consistent on for decades in a personal capacity is his view over the US being stiffed on trade with foreign nations.
    11 April, 2018
    Two Very Different Kinds Of Risk
    Nassim Nicholas Taleb’s new book (Skin in the Game), contains some highly relevant lessons for investors. The most directly applicable part is the logic of risk taking.
    20 March, 2018
    The Panda In The Corner
    Following the close of the 19th Annual Party Congress in China and subsequent elevation of President Xi to effective premier for life last week we wanted to cast our eye over the likely economic strategy.
    8 February, 2018
    Currency Adjusted Returns
    ‘The Dollar is going to get stronger and stronger, and ultimately I want to see a stronger Dollar’. So said President Trump in late January.
    9 January, 2018
    The 30,000ft View On Global Risks
    We enter the New Year with the President of the United States tweeting about his ‘big red button’ nuclear trigger being larger than that of North Korea’s leader Kim Jong Un, or in Trump parlance ‘little rocket man’.
    11 December, 2017
    Looking Ahead To 2018
    In this commentary our Strategy Committee will each cover aspects of our 2018 outlook for the global economy, currencies, equities, bonds and potential tail risk events.
    10 November, 2017
    What can authorities do to offset the next financial crisis?
    Historically, financial crises usually trigger two policy responses by central banks and governments: emergency actions to ensure that financial markets continue to function and support for the economy via easing in the form of monetary and fiscal policy accommodation.
    18 October, 2017
    Past, Present and Future
    In this commentary members of our Strategy Committee will cover their views mainly related to our Diversified Core Strategy over the recent period and looking forward.