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Making Sense of China

Aug 2, 2021

• The reasons for China’s equity market wobble were some years in coming. • President Xi Jinping has been very consistent in promoting a more socialist agenda for economic reform. • Investors will have to re-adjust their expectations for the future of previous growth industries in Edu-tech and internet related. • Good investment opportunities remain…

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The Fear of Fear

Jul 28, 2021

• We worry that fear of what might happen, rather than what is happening, may hold policymakers back from re-opening and consumers from enjoying their newfound freedom. • Delta variant of COVID is a challenge to the momentum gained in the global economy. • Investors are watching for any signs of moderating growth after a…

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The Fed’s Transitory Indifference?

Jul 19, 2021

• US Inflation surprises (again) to the upside • More signs of less-than-transitory inflation • Blackrock shows there is real wage inflation • Still proving challenging to rationalise why the US bond market refuses to discount inflation risk rather than disinflation risk • Flooding in Northern Europe is a further reflection of global warming and…

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Buy The Inflation Dips

Jul 13, 2021

• US bond market rally reflects technicals and not a material change in the inflation view • The Treasury uses cash not credit and floods the market with liquidity • We look to buy the setback in inflation plays in the equity market • ECB signals it wants to create more inflation • China eases…

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