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Tactical Positioning We have not made any major tactical moves recently other than slightly re-calibrating our Asia ex-Japan exposure. The outlook for the region is supported by equity valuations towards the bottom of their 25-year range and we are encouraged by the improving ‘mood music’ surrounding the U.S/China trade talks. Asia also benefits from a […]
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Tactical Positioning Despite solid markets over the last two weeks the US corporate earnings outlook, mentioned below, is a cause for some concern. At the end of 2018, earnings forecasts for 2019 stood at 10%, this has now been downgraded to just 5% with a risk of falling further. Upgrades and downgrades in earnings often […]
Tactical Positioning We have not made any further tactical moves in the last two weeks as the equity market recovery has continued. Markets are now close to their technical resistance levels (for those who use charts) but we believe there is a fair chance that they could rise through these. The more relaxed stance from […]
On Tuesday 22nd January we held our half yearly “Meet the Investment Committee” meeting at The Connaught Hotel in London. Our guest speakers were Lord Lamont and Andrew Sentance. Daniel Pinto and Jonathan Bell gave an update on the current investment environment. Videos and presentations from each speaker are in the links below. Please note that by clicking […]
Tactical Positioning As we discuss below, investor sentiment has greatly improved in the short term validating the case for ‘staying put’ during the wild gyrations of December. Nevertheless, all eyes are on the US company results season which kicked off this week. So far, there have been no upsets and we are keeping our equity […]
Tactical Positioning As we discuss below, markets in the closing weeks of the year have been virtually impossible to call with any certainty. Commentators point out that no major asset class advanced meaningfully in 2018. The last time this occurred was 1974. Against this background, we have not made any notable tactical moves since mid-December […]
Tactical Positioning Markets remain unsettled ahead of the US Federal Reserve meeting this week and any further news on the China-US trade situation. Investors are currently extremely sensitive to economic and political dialogue, and softer economic data only adds to negative sentiment. Whilst bearish sentiment is currently at a high, as measured by the AAII […]