Newsletters
March 9th, 2012
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Our latest Bulletin endeavours to keep up with the fast-moving situation in Greece. We hope you find it brings a fresh view on a complex problem.
November 7th, 2011
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“The world of reality has its limits; the world of imagination is boundless” (Jean Jacques Rousseau)
bulletin aug 2011
August 22nd, 2011
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The Outlook for the UK Economy & Interest Rates, Investing in Japan
July 13th, 2011
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Growth, not inflation, should be the focus of policy
There is a cacophony of demands for the Bank of England to raise interest rates so
that inflation might be curbed in the UK. Such demands are misguided at this stage.
February 18th, 2011
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“Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought nd six, result misery.”
Mr Micawber had recently been imprisoned for debt. While we are not suggesting that Gordon Brown should be sent to the Marshalsea, we do need to heed the lesson on husbandry. The key to investing, when many parties are short of cash, is to recognise that those with cash will emerge stronger. This belief drives our current investment strategy.
January 27th, 2010
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Equity prices probably reached their nadir in March, since when investors seem tohave thrown off their fears that we were entering a period of depression, and nowthink that we shall merely have suffered a deep recession. There has been talk of‘green shoots’.
Analysts appear to be assuming that growth rates in the US and the UK will returnto trends of the last decade, and that profitability will revert to the historic mean; webelieve this is overly optimistic.
June 10th, 2009
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Historically low interest rates are causing serious concerns for savers for whom bank deposits and interest provide a substantial part of their assets and income.
Traditionally cash is the only risk-free asset available, although recently we bought UK Treasury stocks (gilts) for many clients, to capture interest payments as we expected interest rates to fall. This strategy has been successful, and prices have risen sharply. So what next?
January 27th, 2009
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The Path of Inflation and Interest Rates in the UK
The Bank of England’s mission is to ensure that inflation meets its target of 2% in the medium term. For many years domestically derived price increases exceeded this level, but the overall inflation figures remained acceptable as the prices of many imports fell consistently.
August 10th, 2008
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