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Global Matters - Weekly


Relationship Problems

Robert White, CFA - 19 October 2020

With the US election now just two weeks away, investors are busy forming expectations on the result and looking at the potential policy implications of either a Biden or Trump victory. While there is plenty of short term focus on the eventual shape of any additional stimulus package to emerge from Congress, perhaps the most important issue for long term investors will be how US-China relations develop from here.

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Ipse dixit? No, thanks

Lorenzo La Posta, CFA - 12 October 2020

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The Perfect Storm

Alex Harvey, CFA - 05 October 2020

If readers cast their minds back to February this year, they will remember the horror that unfolded on the high seas with dozens of cruise ships being forced to stay at sea as the first wave of Coronavirus took hold.  The poster child for the industry was the ‘Diamond Princess’, a Gem-class cruise ship with a capacity of nearly 2700 passengers and 1100 crew, which eventually anchored at Yokohama port in Japan where passengers had to remain on board and self-isolate for several weeks.

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The long & short of what's next

James Klempster, CFA - 28 September 2020

This week heralds the start of the final quarter of 2020.  What an extraordinary year it has been thus far.  Of course, for investment managers, the key area to focus on is what next?  This question can have multiple different dimensions.  For example, the answer might be very different if we are focusing on the long term as opposed to the short term.  We have made the point repeatedly that in the long run we will cast this virus off. 

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Staying out of the rough

Michael Clough - 21 September 2020

This year has obviously been far from normal and the Covid pandemic meant the US Open, normally held in June, was pushed back to a late summer week in September. The US Open is regularly dubbed the ‘toughest test in golf’. One of the reasons is long, thick grass (known as rough) which sits unsettlingly closely to the finely manicured fairways, punishing any marginally errant shot. Within equities, growth exposure has been the equivalent of finding the fairway this year, whilst sole exposure to value has been akin to hacking through the deep rough.

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Richard Stutley, CFA - 14 September 2020

Realpolitik is the art of designing policy based on practical rather than ideological considerations: what works, not what we think should work. Pragmatism is an important part of investing and tells us that positioning too aggressively around political events like Brexit and the US election is risky, because both the result and the market outcomes are difficult to predict.

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Yellow metal, green lights

Andrew Hardy, CFA - 07 September 2020

Gold has outshone most other investments in 2020, having broken through to new all-time highs in July, surpassing levels last reached nearly 10 years ago.  Year to date the bullion price has increased by 27%, trumping all broad equity markets and most other assets – only the tech heavy NASDAQ index has kept pace. 

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