So Punxsutawney Phil saw his own shadow but then went back into lockdown, which means (to no-one’s surprise) another six weeks of lockdown and mask wearing. Frankly he is as informed as any of the other government ‘experts’ on this.

Following the powerful bounce from the March 2020 lows and the strength of the Santa Claus rallies at the end of the year, it was perhaps not too surprising to see some backing-off from the major equity indices towards the end of January, not least as many investors and asset allocators will be reviewing the likely very strong fiscal year returns due for the year to end March, given the timing of the market lows.

As the laptop-wielding video gamers turned day traders take their battle to the Hedge Fund Masters of the Universe, they need to recognise that the regulators are going to come in soon.

As part one of our Build Britain Back Better series, we look today at the twin issues of Reform of the House of Lords and decentralising Government in the UK, especially England.

As US and other equity markets continue to hit new highs, we see increasing examples of Cognitive Dissonance emerging, notably in the response to the US Election. Historically this can lead to a sudden switch in the ‘narrative’ which can induce sharp spikes in short term uncertainty.