Macro

Renowned economist Milton Friedman wrote: “Inflation is a disease, a dangerous and sometimes fatal disease, a disease that if not checked...

Equity markets were generally strong in July, as investors appeared to shrug off fears of a global trade war. US and Eurozone equities...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Since the Great...

In his 1992 Chairman’s Letter, Warren Buffett wrote that the investment approaches ‘value’ and ‘growth’ are “joined at the hip”. In many...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. The whole point...

As I write this Donald Trump has just been declared president and I congratulate him on playing a blinder of a hand. Let’s hope he can...

Here’s an interesting question: do the low or negative long-term real interest rates that prevail around the world signify a bleak...

For savers, the combination of lower investment returns and rising longevity is a toxic combination. In days gone by one may have only...

Just before the 1929 Wall Street crash, celebrated Yale economist Irving Fisher claimed that the stock market had reached “a permanently...

June saw equity markets around the world give back some of the gains made in April and May. The trigger for these falls appeared to be...

As the current global business cycle matures, I thought it might be an opportune moment to revisit one of the basic but counterintuitive...

The concept of ‘intrinsic value’ is at the heart of Benjamin Graham and David Dodd’s 1934 framework that would later be known as ‘value...

I know I bang on about this, but value investing is about so much more than buying low price-to-earnings or low price-to-book stocks....

I was fortunate to have spent twenty or so years working in Asia. It has been – and continues to be – the highest growth region in the...

High wealth inequality is being increasingly cited as one of the main causes of the structurally lower growth that much of the world,...

One of the most interesting features of global financial markets over the last 20 years has been the inexorable decline in long-term real...

Am I right to worry about higher inflation? Followers of our funds and my writing will know that we have been reducing risk in...

The month of May saw equities on the whole continuing to recover from their February and March declines as economic data remained broadly...

My framework for tactical asset allocation is based on business cycle analysis and the documented findings that asset classes tend to...

My framework for thinking about asset allocation and thus portfolio protection is based around business cycle analysis. It is well...

I recently came across a paper written in 2008 by Robeco’s Pim van Vliet and David Blitz entitled Dynamic Strategic Asset Allocation:...

As I write this Donald Trump has just been declared president and I congratulate him on playing a blinder of a hand. Let’s hope he can...

Having written about secular stagnation and the natural rate of interest in my August letter, it was interesting to see San Francisco Fed...

While it is far from clear what its long term impact will be, Britain’s vote to leave the EU has shone a light on the growth problems in...