It’s all a lot of fun until the music stops playing

Nov 9, 2021

6:31 am

• Central banks turning upbeat on economy on belief inflation to prove less transitory than thought. • Equities appear set to extend gains as central banks step away from tightening. • Third-quarter results so far have been robust, although economic data remains mixed, and markets look for greater clarity from the Fed. • Like some…

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Is there a mini-tantrum brewing

Nov 2, 2021

11:56 am

• The divergence between the Fed’s view and the market’s view on rates is growing • Higher yields have not hindered a surge in equities this month • The real test for the bond market lies in the future, not now • Energy prices keep surging as the northern winter approaches, adding inflation risk The…

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A rocky road to recovery

Oct 26, 2021

5:45 am

• The market is starting to buy the inflation argument • Although Central Banks are still divided, the momentum is growing • Supply chain issues are becoming more visible, and energy price rises might be sticky • Bond markets are far more nervous about the outcome than equities The post-COVID recovery is turning out to…

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Building Materials – An Alpha Play

Oct 20, 2021

7:20 am

Most of us would recall the heady days of real estate that dominated the first decade of this century. At the time, almost anybody with a large enough piece of land turned into a ‘developer’ as the business was extremely lucrative. A massive demand surge was followed by prices skyrocketing year after year, arguably to…

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