Gilts – The Bear Market has Begun

The Gilt index is an important benchmark for most UK fixed income investors, whatever their risk appetite.  2017 was a year of modest returns (+2% for the iBoxx Gilt index) but the fact is that…

Boom times for the global economy

BUT INVESTORS KNOW THAT. THEY HAVE BEEN BUYING THE RUMOUR OF STRONG GROWTH AND EARNINGS SO MAY SELL THE DELIVERY OF IT IN COMING WEEKS. WE NEED A NEW RUMOUR TO BUY. THAT RUMOUR COULD…

Letter From Japan

GEORGE PALMER HAS RECENTLY TRAVELLED TO JAPAN TO MEET COMPANIES THAT WE OWN AND MANY THAT WE DON'T. Due to some odd airline scheduling it is difficult to sleep on the way to Tokyo which…

The Risk of Doing Nothing

I'm forever blowing bubbles, Pretty bubbles in the air, They fly so high, nearly reach the sky, Then like my dreams they fade and die John Kellette, Jaan Kenbrovin 1918 Hardly a day goes by…

Feels Like We Have Been Here Before…

THE ELECTRIC VEHICLE REVOLUTION CHARGING FORWARD? How many people can recall when a famous British inventor last created an electric vehicle?[1] Sir Clive Sinclair dreamt up the C5 in 1979. In that year Millennial’s Baby-boomer parents…

A Synchronised Global Economic Upswing

All major economies are growing for first time since 2007 Amid the gloom and doom that characterises a lot of commentary about our world today, we think it worth noting that the global economy, by…

Are we late cycle?

WE LOOK AT WHAT THIS MEANS AND WHERE WE BELIEVE WE ARE Traditionally, the latter part of a cycle is characterised by rising real wages and higher consumer confidence, higher business confidence and investment, in turn…

Chart-catching – Value vs Growth Stocks

The chart below displays the performance of Value versus Growth equities, set against the US 10 year Treasury yield.  Value stocks are those which trade at a discount valuation to the market whereas growth stocks…

Fund in Focus

Your browser does not support the video tag. Summary text: Jeff Keen and Josh Oakley, managers of the Waverton Global Strategic Bond Fund, discuss the recent performance of the fund and their approach to duration risk…

Fund in Focus (video)

Chris Garsten, manager of the Waverton European Capital Growth Fund, discusses what he sees as the long term stock picking opportunities in Europe (As at 31.03.17).

Summertime, and the living is NOT easy

HISTORY SUGGESTS THAT WE SHOULD BE IN CASH UNTIL THE AUTUMN. WE CONSIDER IF THAT IS THE WISE IN 2017. The investment world seems to be a big fan of pithy bon mots.  One is…

Chart-catching – Hire or Lower?

THE PRICE OF US USED CARS, THE HEALTH OF THEIR MAKERS AND CONFIDENCE OF THEIR DRIVERS. Having been flat for several years, US used car values are now falling.  The move is significant enough to…