The Adventurous Investor

Investment trusts, ETFs, alternatives and more.....

Monday Macro – Gold glitters but the bull market storms ahead

A doubleheader note today on big macro themes. First, gold. I’ve quietly grown more interested in gold for three reasons in recent months. The first is that it doesn’t seem to be an expensive hedge against volatility at the moment…. Continue reading →

Fidelity and the 0% wheeze

Fidelity’s launch of a zero fee US equities tracker has sparked an inevitable bout of anxiety and panic. The anxiety comes from the those who think ETFs are the next weapons of mass financial destruction and that a free ETF… Continue reading →

Monday Macro – share buyback alert, the debt is piling on

Share buybacks are all the rage at the moment, thanks to a bullish US market and generous corporate tax breaks. The good news is that many equity income managers swear by the good old share buyback. Their argument is that… Continue reading →

Syncona goes from strength to strength

Another update today on my favourite pharma VC play – Syncona, the old BACITs investment vehicle. In my FT column last year I suggested this was an impressive transformation worth backing. Since then the shares have more than doubled. Earlier… Continue reading →

Yet more warnings and recent portfolio activity

Narrative anchoring is always a dangerous trait and I must admit that in the last few months I’ve become progressively more cautious about stock markets. Which is possibly why I’m always on the lookout for signals of impending trouble –… Continue reading →

Big trouble in Big China….

I’ve long believed that there is a good chance that either the next mega-crisis – or the one after that – will start in China. More particularly it will feature a mismatch between hard business realities – some crisis –… Continue reading →

Monday Macro – Vol down, Gold Down, waiting for the dollar to weaken

In volatility terms July was another unremarkable month – we’re back to the Great Moderation again. According to analysts at S&P Dow Jones, “US equity risk actually declined, market volatility fell, and dispersion increased. “ The table below tells the… Continue reading →

The Dangers of quantitative tightening (QT)

Just finished reading a cracking little note from the always-excellent James Ferguson over at Macro Strategy from early May. James makes what I think is a very strong argument for not having your cake an eating it. By this I… Continue reading →

True African GRIT

Regular readers will know that I have soft spot for all things African and frontiers market-based. My hunch is that Sub Saharan Africa represents one of the last proper frontier markets where real money can be made by careful stockpickers…. Continue reading →

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