The narrative over the last six months was seemingly almost entirely around the twin themes of Covid and the US Election and it looks like November will come in as a really strong month in Global Equities, principally because the risk premium around both of those has fallen.

The latest set of regulations from the UK bring to mind the line from CS Lewis about Narnia, where it was “Always Winter but never Christmas”. C.S. Lewis was writing in a time of growing authoritarianism and at some point we are going to have to recognise that this is no longer about public health, but about a reluctance to relinquish power, once seized.

Kakistocracy * noun[ C or U ]UK /ˌkæk.ɪˈstɒk.rə.si/ US /ˌkæk.ɪˈstɑː.krə.si/ a government that is ruled by the least suitable, able, or experienced people in a state or country:

Global Equities have finally clawed back their total returns relative to Global Bonds and while there is no sign of the theoretical risk free rate approaching the true cost of capital anytime soon, investors accepting nominal inflation are looking at some new nominal assets to reset their portfolios. We think of them as the 5Cs

The US Media are struggling a bit with the significant reduction in Trump content in recent days. As noted back in 2016, his carefully curated character of “The Donald” would send, often outrageous, tweets at all hours of the day and the Media couldn’t get enough of them.