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 →
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 →
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 →
Over the last few years, the IP spin out industry has boomed. Outfits such as the IP Group and what was Imperial Innovations has benefitted from a huge influx of money into the university/government research lab spin out space. Valuations… Continue reading →
Sticking with my theme of recent weeks, today I’ve got the usual mixed bag of macro news. On balance I’d say we are just about in the positive territory from a macro perspective but there are still plenty of storm clouds… Continue reading →
What used to be known as the Qatar Investment Fund and is now called the Gulf Investment Fund has long been on my radar. Last year it had something of a rough patch as the GCC states picked a fight… Continue reading →
Well, that didn’t take long. The ink was barely dry on the paper before Trump comes out and does exactly what I said he would do. Namely, start bashing the US Federal Reserve. You can see the latest bombshell from… Continue reading →
Infrastructure investors received some welcome news last week with the offer for the John Laing infra fund. I have to say on one level I was surprised by the announcement but another level unsurprised. The long-term investors behind this offer… Continue reading →
The blog is back up and running after a week of enforced inactivity – blame a lack of access to the PC! Anyway, kicking off this week with my normal Monday macro roundup. Today we have three really interesting snapshots… Continue reading →
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