2021 Q1 Market Commentary

Chris Brown Chief Investment Officer This time really has been different For this update we thought we would mix it up a little and take a (much) longer historical perspective on our current situation, including data on the Black Death and Napoleonic wars. None of us have (thankfully) lived through a global pandemic (and few […]

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2020 Q4 Market Commentary

Market Commentary Let us begin our review with some humility. We will talk here about what happened last year and give our outlook for the year coming up. But, as Yogi Berra famously once said, forecasting is hard, especially about the future. To illustrate this we show the one year forecasts the best and brightest […]

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Market Update – November 2020

Chris Brown, CIO, 5th November 2020 In our October client overview we wrote that we had taken risk up a little in our investment portfolios. This meant adding some high yield credit and equities (mainly in Europe) where we thought it was appropriate. We wrote our rationale in detail in our update but – broadly […]

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Market Update

Chris Brown, CIO, 10th March 2020 Here is an update on the impact of Covid-19 on the markets and our portfolios. The one piece of good news is the containment measures taken by early victims of the crisis (including Singapore and China) look to be working. As an example, China reported 40 new Covid-19 cases yesterday […]

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February Market Update

Chris Brown, CIO, 28th February 2020 Here is a quick end of month market update. As you may know, this week equity markets have fallen sharply on fears of the negative impact of the Corona Virus on the global economy. To put this in perspective, as we write the UK FTSE All-Share index is -13.7% […]

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Q3 2019 Overview

Below is a well-known (in investment circles at least) graph of the investor’s emotional journey over time. We are showing it in this quarter partly as a check so we can pause to see where we are on this cycle today and partly to gently remind our clients of the inevitable ups and downs of […]

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On Mediaeval Doctors and Boris Johnson

Chris Brown, CIO The old-fashioned mediaeval doctor would arrive at the hour of need, give his diagnosis and propose a cure (which, in the popular imagination at least, would always involve leaches). It is a well-known medical property that if a patient thinks he is getting cured this will often trigger a recovery even if […]

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Q2 2019 Overview

To repeat Warren Buffet’s famous phrase, it is only when the tide goes out you see who has been swimming naked. One of the more interesting developments of the last few months is that a couple of high-profile investors have been caught without trunks on, even in what has been a very benign, rising tide […]

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