Things aren’t always what they seem. A thought no doubt not lost on Accenture and Gillette. Both firms had promoted themselves on the back of Tiger Woods’ squeaky clean image. After paying him millions, it probably came as a shock when it became clear that his idea of playing a round didn’t always involve a…
Throughout history, gold has held an unshakable hold over the human psyche. From Midas to the Spanish Main, from Cecil Rhodes to… er, Spandau Ballet, gold has retained its allure. Auric Goldfinger was even prepared to render the contents of Fort Knox radioactive in order to profit from the resulting price hike. Of course, there…
It’s our view that the world economy is still concealing plenty of unexploded ordnance. Whether it detonates is another matter but every now and again we get a reminder that all is not as well as some would want us to believe. Greece has been the latest member of the Eurozone to feel the heat…
Mark Twain said “Whenever you find yourself on the side of the majority, it is time to pause and reflect.” Clearly, it’s not a problem we have to confront too often but then, our job is to invest prudently over the long term and not chase moonbeams by confusing clients’ capital with roulette chips. For…
Britain has, at least in a technical sense, finally emerged from recession. Most industrialised nations have been posting anaemic growth in Gross Domestic Product (GDP) but Albion has lagged persistently. The Chancellor believes we are on the cusp of recovery but then, in the summer of 2008, he opined that we would escape recession, the…
Markets keep rising but so does unemployment. Governments print money although the vast majority of it leaches into speculative capital market trading rather than worthwhile economic activity. Record low interest rates will both provoke and sustain economic recovery yet inflation will not be the result. The inconsistencies just keep on coming. At the Labour Party…
An acquaintance of ours asked us recently why, unlike the majority of investment managers, we weren’t talking the stockmarket up. We explained it was because longer term economic fundamentals will make real progress difficult. We weren’t talking it up pre recession and we will not do it now. We are advisers, not cheerleaders and we…
We have always invested a good deal of time ensuring that our clients understand our investment thinking, both in the short and longer terms. While we have been clear about how we viewed the events of the past couple of years, together with our expectations for the future, there are times when it merits amplification.…
This year, the Euro celebrated its tenth birthday. It was launched with great fanfare on the 1st January 1999; Rudolf Erlinger, then Chairman of the EU group of finance ministers proclaiming “we are standing at the dawn of a new era”. Portugal declared it was delighted while Finland was honoured. Perhaps sensing where this all…
Experts; where would we be without them? A lot better off is our guess. We’re not talking here about real experts like doctors, dentists, pilots or plumbers; individuals that deliver worthwhile services. No; we refer to those experts that make a lucrative living despite being persistently wrong. The investment industry is full of them but…