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The Scotsman - Will a crisis lead to convergence?
That Greece is even a member of the euro is demonstration enough that the single currency is a political rather than economic project. The fact is that Greece’s fleeting achievement of the Maastricht criteria in 2000 raised eyebrows at the time, and that was before we knew the full detail of the creativity of their accountants.
08.11.2011
The Scotsman - One to Watch
We all know that the US housing market is not exactly powering ahead at the moment, but what of the companies with the most exposure to it – are there any diamonds in the rough?
05.11.2011
Money Marketing - Fixed Income
Perhaps it is the impact of a young child in the house, but when I consider the current market environment, my thoughts sometimes turn to the Grand Old Duke of York. As markets march upward only to turn on their heels and march all the way back down again, it can seem as if they are being commanded by a whimsical old duke rather than by any consideration of investment fundamentals.
03.11.2011
Investment Week – High Yield
Over the three decades that preceded the financial crisis, debt levels across the Western world exploded. Today, consumers, banks and even sovereign borrowers are still atoning for that 30-year debt binge.
31.10.2011
Investment Adviser - UK Equities
Given the volatility we saw in the first half of the year, investors might have been forgiven for hoping for a calmer summer. Sadly, two factors conspired to dash those hopes. First, a shockingly weak run of economic data revived latent fears about the global economy. Second, rising bond yields implied that Italy and Spain were at risk of being drawn into the eurozone’s sovereign debt crisis.
31.10.2011
Investment Adviser - Will a crisis lead to convergence?
That Greece is even a member of the euro is demonstration enough that the single currency is a political rather than economic project. The fact is that Greece’s fleeting achievement of the Maastricht criteria in 2000 raised eyebrows at the time, and that was before we knew the full detail of the creativity of their accountants.
31.10.2011
Tarnished. How gold lost its lustre…
It’s rough out there. Measures of market volatility (such as the VIX) are signalling extreme levels of distress among investors and the pressure to find “safe havens” can rarely have been greater. Until fairly recently, the market seemed to have found such a haven in the form of an inert yellow metal memorably described by John Maynard Keynes as being a “barbarous relic”. A recent sell-off, however, saw gold shedding 20% of its value in short order, seriously tarnishing its sparkling reputation.
31.10.2011
Investment Week - Asia
Since US shoppers have been forced to tighten their belts, the scouts are out for a new group of consumers ready to attempt to fill the global spending void. Asia’s new bourgeoisie seem to fit the bill rather well. Eastern and western lifestyles, long subject to both cultural and economic divides, are beginning to converge. And from an investor’s point of view, the emergence of a relatively affluent Asian middle class with spending power is a beguiling idea.
10.10.2011
The Scotsman – One to Watch
Beauty, as they so often say, is in the eye of the beholder. But what about the shareholder? And how does Sally Beauty, the largest distributor of professional beauty supplies in the US, measure up?
07.10.2011
New Model Adviser - Autumn’s woes provide opportunities
The last few months have been terrible for risk assets, with volatility rising to its highest level since the post-Lehman collapse in 2008. The VIX index (a predictive measure of volatility in US equities, otherwise known as the "fear index") hit 45 – a ten-year record, though recently it has been below 35.
30.09.2011
Tough times eased by secure leases
For the first half of the year, European listed property made great headway, returning 13.6% in comparison to 6.9% from European equities . The second half of the year began well enough; but concerns over the European sovereign debt crisis, and mounting evidence that the global economy was not as robust as previously thought, started to peak in July. By August, markets were in freefall.
20.09.2011
Scotsman - One to Watch
As the ongoing sovereign debt crisis translates to heightened market volatility, now is the time to consider a defensive element to your portfolio. And BIC, the French multinational, is one of the best names out there.
09.09.2011
European Outlook - Mandate Wire
A cursory glance at the financial pages and an investor is likely to arrive at only one conclusion - Europe is doomed. True, the sovereign debt crisis continues to give policy makers sleepless night. But look beyond the apocalyptic headlines and there are reasons for cautious optimism. One consequence of the 2008 credit crisis was that it forced a number of firms to get their houses in order.
05.09.2011
Fund Strategy - Fund Manager Diary
Roger Webb and Luke Hickmore are co-managers of the SWIP Strategic Bond Fund and the Sterling Credit Advantage Fund.
02.09.2011
Investment Adviser
The Germans aren’t happy. As the eurozone gears up for a second Greek bail-out, voters are asking why they should be paying for their feckless neighbours to the south. The stereotypes are flying back and forth. Even Chancellor Merkel couldn’t resist a bit of mudslinging. "We can't have a common currency where some get lots of vacation time and others very little. That won't work in the long term."
26.08.2011
Investment Week’s Big Q
“Should investors join the flight to gold and, if so, how best should they access it?” As big believers in multi-asset investing, we think investors need to have exposure to gold in their portfolio. But should that be the physical asset, an ETF or gold-related shares?
24.08.2011
Scotland on Sunday
The Germans aren’t happy. Voters are asking why they should be paying for their feckless neighbours to the south. The stereotypes are flying back and forth. Even Chancellor Merkel couldn’t resist a bit of mudslinging. "We can't have a common currency where some get lots of vacation time and others very little. That won't work in the long term."
18.08.2011
Investment Week's Big Q
Is there a place for an ethical approach to investing in times of such extreme market volatility? The simple answer is yes. The current market turmoil is being driven by a wide variety of factors, including ballooning sovereign debt, slowing economic growth and political ineffectiveness. On the face of it, none of these are ethical issues.
12.08.2011
The Scotsman - One to Watch
From Dennis Hopper to George Clooney, Harley-Davidson has been the motorcycle of choice for Americans since 1903. No longer synonymous with rebels and rabble-rousers, Harley’s demographic has grown massively in recent years.
11.08.2011
Investment Week’s Big Q
“How will the US downgrade affect global investors?” The US government’s credit rating downgrade from AAA to AA+ will have little impact on US Treasury bond prices for three reasons.
10.08.2011
Money Marketing – Market View – Fixed Income
At the start of 2011, most bond market investors would have staked their reputations on the underperformance of government bonds over the coming year. In the UK, with a yield of 3.5% on a 10-year gilt and inflation running at close to 4% (and expected to rise) you would normally expect to see some very poor returns. What has happened since, however, has been startling.
02.08.2011
The Scotsman – One to Watch
The summer months are here and thoughts are turning to that well-earned holiday - and, chances are, Dufry Group will play a part in any vacation. From perfume to plonk, this Swiss travel retailer operates in over 40 countries, with duty free shops in airports, cruise liners and other touristic locations.
13.07.2011
Investment Adviser: Greece
To anyone with a modicum of economic training the fact that the eurozone is currently being tested is no huge surprise. It’s more of a surprise that it’s taken so long for this to happen.
08.07.2011
Money Marketing: UK Equities Outlook
Healthy optimism or irrational exuberance? The surprising resilience of the UK equity market so far this year has divided opinion.
05.07.2011
Mandate Wire – Sector View
Greece is once again looking into the abyss. The debt-ridden nation needs the next tranche of its bail-out fund – some €12 billion – by July or it will default. There has been much political wrangling and mudslinging surrounding the issue.
27.06.2011
Money Marketing
Inflation remains a worry for investors around the world. In the UK it’s at its highest in over two years; prices are also on the up in the US, while the European Central Bank became the first western monetary policy setter to hike rates to tackle inflation. The picture is the same in emerging markets.
23.06.2011
Scotsman 'One to Watch' - SodaStream
SodaStream has been putting the fizz in fizzy-pop and the T in G&T for over a hundred years. For many, the carbonated drinks maker is a fond childhood memory - but outside the UK it is becoming big business.
21.06.2011
One Year On
As the coalition government ends its first year in power, it’s interesting that that much of what has defined it – and is likely to continue to do so – did not appear in either the Conservatives’ or Liberal Democrats’ election manifestos. This serves as a reminder, if any were needed, that such documents should be best filed under A for aspiration rather than P for promise.
20.06.2011
Investment Week
“A soft patch in the economy, lower yields and base rates not expected to change at least before the Winter – it is a good time to be a credit investor!”
13.06.2011
Investment Week's Big Q
“Should investors in emerging markets differentiate between core countries (eg Brazil) and more peripheral countries (eg Nigeria)?”
31.05.2011
Investment Adviser
Earthquakes and tsunamis occur with alarming frequency in Japan, but the destruction caused by the events of 11 March came on an unprecedented scale – not only in human terms but in its effect on the world’s economy.
31.05.2011
One Year On...
As the coalition government nears the end of its first year in power, it’s interesting that that much of what has defined it – and is likely to continue to do so – did not appear in either party’s election manifesto. This serves as a reminder, if any were needed, that such documents should be best filed under A for aspiration rather than P for promise.
31.05.2011
The Scotsman - One to Watch
Alfred Hitchcock, the luminary of the movie world, once said that “cinema is not a slice of life, but a piece of cake.” And, thanks to Barco, that cake just got a whole lot more enticing. For, the Belgian company manufactures - amongst many other visual solutions - cutting-edge digital cinema projectors.
31.05.2011
Fund Strategy - The bonds that bind us
Despite suffering a series of hard blows, like a punch-drunk boxer financial markets keep picking themselves up again.
30.04.2011
Property Week
UK airports have had a tough time over the last couple of years. After enduring the worst of the global recession, the industry has recently experienced more untimely disruptions: ash clouds from the Icelandic volcano Eyjafjallajökull; persistent industrial action by British Airways staff; and extreme weather conditions. But there is growing evidence that the major UK airports are recovering, and that attractive growth prospects are set to return.
30.04.2011
