Investment Letter Q4 2023

“Success means being very patient, but aggressive when it’s time.” Charles Munger We finished the year with a significant shift in interest rate expectations, a central component of the financial system. With rates having risen substantially over the last two years,...

Fixed Income – 
Gilt Trip

In November 2020, the global market value of negative-yielding bonds, which require their holders to pay for the privilege of owning them, reached 18 trillion US dollars. By January 2023, following an aggressive interest rate hiking cycle by central banks, that figure...

Investment Letter Q3 2023

“Winning or losing of the election is less important than strengthening the country.” Indira Gandhi The third quarter in markets was characterised by a shift in focus from inflation to growth. Inflation data in developed markets, whilst still elevated, showed...

Investment Letter Q2 2023

“Innovation and corporate governance are extremely important to improve the profitability of Japanese companies and encourage them to increase wages, capital spending, and dividends.” Shinzo Abe, former Prime Minister of Japan If markets in 2022 were characterised by...