making sense of the narrative
December 2, 2020
In the long run markets are a weighting machine but in the short run they are a voting machine*Benjamin Graham *although probably not a Dominion one. Another way of putting this might be “In the long run, markets are driven Read more…
November 30, 2020
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 Read more…
November 28, 2020
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 Read more…
November 25, 2020
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: *Cambridge English Dictionary. From the Greek kakistos meaning worst. Applying logic to Read more…
November 23, 2020
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 Read more…
November 19, 2020
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 Read more…
November 13, 2020
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” Mark Twain A key part of dealing with the narrative driven world that we live in is recognising that Read more…
November 10, 2020
Morpheus: Unfortunately, no one can be told what the Matrix is. You have to see it for yourself. This is your last chance. After this, there is no turning back.(In his left hand, Morpheus shows a blue pill.)Morpheus: You take the blue Read more…
November 9, 2020
The US Election looks to have gone to Biden, even though it also looks like it is going to the courts. In some ways, what is more important is that the failure of the widely predicted ‘Blue Wave’ to appear Read more…