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This Challenging World

May 18, 2020

10:03 am

• Unprecedented rise in government deficits and indebtedness globally • New Zealand announces a budget worth a staggering 17% of GDP • Global debt to GDP set to rise to 108% • Governments and central banks will have to be creative to keep the potential damage to bond markets in check • How far off…

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V versus U

May 11, 2020

7:20 am

• The grind higher in US equities appears to back the V-shaped recovery view • A possible 25% unemployment rate would signal a U. • We should remain cognisant of the massive relief provided to households • Will households save or spend their ‘Trump’ cheques? … History suggests saving • Some US equities have seen…

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Two Sides of a Coin

May 5, 2020

7:58 am

“The more things change, the more they remain the same”. Do they? We have been in the eye of a storm that has been threatening to change most things that touches our lives directly as well as indirectly. We have been exploring in the context of investment strategy as advisors, custodians and ‘fiduciarists’. Global macro…

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Slow Emergence from the Bunker

May 4, 2020

1:31 pm

• April’s relief rally after a frenetic March • The slow unwind of the lockdown should at the very least help sentiment • Policymakers continue to rack up their support • The depth of the global recession still unknown • The asset market is framing the future outcomes around survivors, thrivers and victims April brought…

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