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Silver Linings Even in Adversity

Jan 11, 2021

3:43 pm

• Even trouble in Congress can’t stop the bull run in asset prices. • Biden’s majority in both houses opens the prospect of further significant fiscal support. • Eurozone policy makers have yet to respond to the aggravated COVID crisis. • US inflation-linked bonds discount a lot of inflation but we don’t believe the Fed…

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Review of Asset Market Returns for 2020

Jan 5, 2021

2:42 pm

Risk assets did well, considering the context. It is difficult to imagine a more challenging year for markets if one was to judge purely on the economic damage wrought by COVID-19. Nonetheless, most bellwether equity indices managed to post positive returns for the year. There were wide disparities at the sector and regional level as…

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Our Predictions and Hopes for 2021

Jan 4, 2021

12:31 pm

Global markets – A year of two halves As we enter 2021, it is evident that the policymakers are still very engaged in supporting the global economy. Their support will help maintain global activity at a time when we still see the impact of the virus. However, as we move into the second half, year-on-year…

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Lessons from 2020

Dec 21, 2020

1:01 pm

• Debt is not a problems unless you are small • The biggest risk to everything – inflation. • Government bonds are for risk hedging not income • US global political power may just have (really) peaked. • Policymakers may remain in denial of risks to mankind despite the warning from COVID. • North Sea…

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