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Global Matters - Weekly


Coin Toss

Andrew Hardy, CFA - 22 February 2021

Digital gold or “index for money laundering1”? Fiat currency hedge or irrational mania? Bitcoin divides opinion more than most, but the bulls are in the ascendency at present and the 12-year old cryptocurrency is gathering many new followers as a result. Its 6-fold increase in price in the last year has been the driver; creating a FOMO (fear of missing out) effect whilst also increasing the size of its market, which reached $1 trillion over the weekend, to a level where institutions begin to consider it more seriously. 

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More of the Same

Richard Stutley, CFA - 15 February 2021

The tale of Goldilocks and the Three Bears was a popular analogy in markets in the years post the Great Financial Crisis, used to describe the global economy as not too hot, not too cold, but just right. Extending the idea to today’s central bank policy: too hot would be embarking on helicopter money or large scale debt forgiveness; too cold would be abandoning tools like quantitative easing, possibly in response to criticism of QE’s role in fuelling asset price bubbles; just right, then, is a continuation of current policy and hence central bankers need to hold their nerve in the face of rising inflation and provide more of the same.

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To the Moon - YOLO

Lorenzo La Posta, CFA - 08 February 2021

Tuesday 26th January, it’s early morning here in the UK and still night in the US when Aurelio, a friend of mine, texts me.

Aurelio: “Dude, what is going on with Game Stop? Last week some people on Reddit said they were gonna shoot GME (ticker for Game Stop) to the moon, to $1000 per share! So, I bought a few at $45 on Friday…”


Emerging Opportunities

Stephen Nguyen, CFA - 01 February 2021

2020 witnessed some of the toughest challenges – be it social, economic or political – that most of us have ever experienced. Around this time 12 months ago, the Covid-19 pandemic was gathering momentum, particularly in Asia before it spread further afield, and soon enough the world went into lockdown. As we slowly emerge from the shadow of the pandemic thanks to vaccine breakthroughs, mobility and global economic growth should gradually increase.

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StoreREIT telling: three key elements

Jackson Franks - 25 January 2021

For me writing has never been easy, in fact English was my least favourite subject at school.  However, I enjoy a challenge and as I think about what to write this week, I take myself back to my English class at school to remind myself of what writing tricks I was once taught. What I remember most is how we were taught the basics of writing a story: each story must consist of a beginning – hooking the reader & setting the scene, a middle – a series of interesting and exciting events, and an end – tie up loose ends & satisfy the reader.

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An industry in constant evolution

Robert White, CFA - 18 January 2021

It is generally accepted that 2020 saw changes in the way we use technology that are likely to persist even after the pandemic ends. Many changes to society and markets already appear self-evident today, and developing a full understanding of the implications will be important for active managers over the years to come. The Christmas break provided us with a chance to ponder more introspectively over the impact these changes may have on the investment management industry itself, and how best to serve our clients over long term.

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Global Matters: Annual Compendium 2020

The Global Matters weekly readership has picked up greatly over the past five years and once again we mark the end of the year by sharing a compendium of 2020’s articles.  Across dozens of blogs, which incorporate a mix of investment insight with topical twists, this charts our journey through what has been the most extraordinary year. 

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Scotched Eggs

Alex Harvey, CFA - 14 December 2020

Of the five weekly blogs I will have written this year, none of them have been untarnished by Covid 19 with my first – Tipping Point – penned on 9th March as markets tumbled into the Corona induced abyss.  From the pre Covid peak on 12th February the market hit its lows just ‘28 days later’[1], with the streets of London and cities around the world looking eerily similar to those in Danny Boyle’s rage inducing horror of the same name.  

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A Pack of Wolves

Lorenzo La Posta, CFA - 07 December 2020

When I was a kid, the concept of wolves being dangerous, aggressive animals was instilled in me: they growl, they stalk, they kill. Yet, have you ever heard spine-tingling howls breaking through the night? It is primordially majestic. As I grew up, I found myself seeing wolves as fascinating, widely misunderstood creatures. I had to find my own pack.

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