Commentaries
The current concerns over Greek sovereign finance are natural as investors continue to worry about the country's large-scale debt, compounded by several years of less than prudent or transparent fiscal management.
In November 2009, the Asset Management Working Group published its report on the UK asset management industry. In this brief paper, we review the key findings and recommendations (to the industry, regulator and government) in the report.
In this edition of InPerspective, we look at how our themes enable us to manage risk in our clients' portfolios and we debate the respective merits of using real-return and benchmark-aware investing.
In this article, we look at how our themes are enabling us to manage risk in our clients' portfolios, with particular emphasis upon our more government and fire risks themes.
At our investment briefing in November, we discussed the respective merits of real-return and benchmark-aware approaches to investment. In this article, we summarise the main points of that discussion.
Europe provides a number of opportunities in which to invest; and, with the European market being one of the cheapest in the world, now appears to be an excellent time to invest in some of Europe's best companies at compelling valuations.
In a week in which the UK's Scottish leader was almost politically 'knifed' by members of his own party, it seems appropriate to summarise the state of the gilt (UK government bond) market with a quotation from Macbeth.
Despite stark reminders during the final quarter of 2009 that the world is not yet 'out of the woods' in relation to its post-credit-crisis challenges, measures of financial-market volatility fell to levels last seen before the collapse of Lehman Brothers in September 2008 and investors' appetite for 'risk' appeared to remain reasonably hearty.
The rationale for going into global fixed-income securities used to be founded upon the existence of a weak base currency. There are now many more reasons to invest in overseas fixed-income markets.
2009
- Get real! (or perhaps not?) - Global bonds and currencies
December 2009 - Howard Cunningham - Be careful what you wish for - Global bonds and currencies
November 2009 - Paul Brain - inPerspective - October 2009
October 2009 - Thematic investing - an update
October 2009 - Strategy focus: Newton's Global Dynamic Bond strategy
October 2009 - Newton's developing economies theme
October 2009 - Europe is as easy as ABC
October 2009 - Raj Shant - What shape recovery? - Global bonds and currencies
October 2009 - Paul Brain - Emerging markets recalibrated - Global bonds and currencies
October 2009 - Carl Shepherd - Investment comment - October 2009
October 2009 - Chinese basket weaving - Global bond and currencies
September 2009 - Paul Brain - Sterling - the ugly duckling - Global bonds and currencies
August 2009 - Paul Brain - Stocks and bonds - Global bonds and currencies
August 2009 - Paul Brain - The merits of active investment management
July 2009 - inPerspective - July 2009
July 2009 - Exit strategy - Global bonds and currencies
July 2009 - Paul Brain - Is Europe still lagging?
July 2009 - Raj Shant - Investment comment - July 2009
July 2009 - Endless recovery? - Global bonds and currencies
June 2009 - Paul Brain - Top of the range? - Global bonds and currencies
June 2009 - Paul Brain - Thrifty investing - Global bonds and currencies
May 2009 - Paul Brain - China's pursuit of economic growth - investment implications
April 2009 - Zoe Kan and Jason Pidcock - inPerspective - April 2009
April 2009 - Investment comment - April 2009
- Manic depressive - Global bonds and currencies
April 2009 - Paul Brain - Investment comment - January 2009
January 2009 - - The ugly contest - Global bonds and currencies
March 2009 - Paul Brain - Welcome to the planet ZIRP - Global bonds and currencies
January 2009 - Paul Brain - inPerspective - January 2009
January 2009
2008
- inPerspective
Q3 2008 - Investment comment
October 2008 - Tracking error and risk management
December 2008 - Ed Gore Browne - The end of 'Top Gear' economics
14th November 2008 - Stewart Cowley - The politics of MV
7th October 2008 - Stewart Cowley - Staring into the abyss and realising you don't want to go there
7th October 2008 - Paul Brain - Pollyanna vs. Hank Paulson: ''this time it's personal''
16th September2008 - Stewart Cowley - Seeking the Holy Grail
9th September 2008 - Paul Brain - A future for yield
22nd August 2008 - Parmeshwar Chadha - All Agro
30th June 2008 - Paul Brain - Magical misdirection
30th June 2008 - Stewart Cowley - Parabolic, Exponential, Hyperbolic
24th June 2008 - Stewart Cowley - Keeping the lights on - an update on the oil price
20th June 2008 - Charles Whall - Thematic investing - an update
20th June 2008 - Ed Gore Browne - Bread and Barter
23rd May 2008 - Stewart Cowley - King Canute and the China Moon
22nd May 2008 - Paul Brain - The Middle East is running short of energy
22nd May 2008 - Charles Whall - "My Grain Headache..."
1 May 2008 - Carl Shepherd - Investment Comment
Second Quarter 2008 - Ed Gore Browne - Chicken or Egg
22nd April 2008 - Paul Brain - "Bring out your dead..."
21st April 2008 - Stewart Cowley - Indigestion and the Right Medicine
17th March 2008 - Paul Brain - Abstract Art and ABS-Tracked Credit
14th March 2008 - Howard Cunningham - Dancing on the Motorway
22nd February Cowley - Stewart Cowley - Weapons of Mass Destruction - The Great Leverage Unwind
22nd February 2008 - Paul Brain
Investment comment
2007
- The price of oil
11th December 2007 - Charles Whall - "Three horsemen and stable door - history is being repeated part lll"
26 November 2007 - Paul Brain - Looking Down From an inflated Place
13 November 2007 - Stewart Cowley - Eeyore versus Tigger
24th October 2007 - "Emerging market currencies - how to benefit from rising food inflation"
11 October 2007 - Paul Brain - "Through the dark clouds there may be a ray of sunlight, or maybe you need to stand on a tall building"
5 October 2007 - Paul Brain - "I am a genius"
12 September 2007 - Stewart Cowley - "Donald, where are your true losers"
31 August 2007 - Howard Cunningham - "Looks like history IS being repeated"
17 August 2007 - Paul Brain - "The Money Famine"
16 August 2007 - Stewart Cowley - "What a carry on"
15 August 2007 - Stewart Cowley - "Free to those who can afford it"
3 August 2007 - Stewart Cowley - "They just don't know when to stop"
18 July 2007 - Paul Brain - "SUB PRIME connected to your RMBS connected to your ABX connected to LCDX connected to Credit in general"
22 June 2007 - Paul Brain - The Point of No Return
21 June 2007 - Stewart Cowley - "It's a Bull Market Jim"
21 June 2007 - Stewart Cowley - United States of Asia
15 June 2007 - Stewart Cowley - "Is this the big one?"
11 June 2007 - Paul Brain - Guaranteed to Break the Ice at Parties
21 May 2007 - Stewart Cowley - The Bear of Little Brain
04 May 2007 - Stewart Cowley - "Fighting for their freedom"
20 April 2007 - Paul Brain - "Riding the Roller Coaster, Standing Up with Your Arms in the Air"
18 April 2007 - Stewart Cowley - In a Tight Spot Are We?
16 April 2007 - Stewart Cowley - That's a Bit Steep
4 April 2007 - Stewart Cowley - The God of Economic Rationality
27 March 2007 - Stewart Cowley - C D Oliver
16 March 2007 - Stewart Cowley - "Are we always destined to repeat history?"
15 March 2007 - Paul Brain - "Children's Party Games"
14 March 2007 - Howard Cunningham - Middle-aged Men and the Urals
28 February 2007 - Stewart Cowley - How can something so wrong - feel so right?
26 February 2007 - Stewart Cowley - A New Years Resolution
15 January 2007 - Stewart Cowley