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Viewpoint – November 2023

Following a bruising 3 months, equity and bond markets came back with a bang in November, in most cases recovering all the ground lost since July, in an almost unbroken run of gains through the month. The extraordinary shift in risk appetite saw global developed world equities return 9.4% in the month, with US markets producing among the best returns in local currency terms, +9.1%, while dollar weakness pushed non-US markets to even higher returns in USD terms. The Chinese market also rallied, but by a modest 2.5%, continuing its sharp underperformance this year.

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Global Matters Weekly – Wall-E Street

The big story this year not only in equity markets but also in society has been Artificial Intelligence’s (AI) dramatic entrance onto the stage. Since then, a deluge of headline-grabbing commentaries have flooded in, speculating on various implications of this new technology. The mania left me with some concerns, and whilst predicting the end of life on earth is perhaps beyond my pay grade, I have written some thoughts down on AI’s role within the investment management industry and whether I should start looking for a new job.

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Global Matters Weekly – Fleece Navidad: Falling out of fast fashion

As we approach Christmas Jumper Day this week in the UK, I find myself sifting through the depths of my wardrobe, searching for festive knitwear to raise money for Save the Children. The promise of chilly winter evenings and cosy Christmas gatherings tempts me to add yet another festive jumper to my collection, despite the fact that I already own enough to dress a small woolly army.

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