Falling property prices and rising construction costs isn’t a dynamic that can continue indefinitely. The squeeze on developers’ margins makes construction less and less profitable. When prices eventually fall below replacement cost (marginal price < marginal cost), there is clearly no incentive for developers to increase supply. Download PDF
On Saturday an unassuming 20-year-old opened fire at a Trump rally, the picture of Donald Trump with his fist pumped, blood on his face, surrounded by the Secret Service, will become an historic image. Trump literally dodged a bullet – ‘God alone’ saved him – and the looming US election
Roger Federer, one of the most esteemed tennis players of all time, had a career spanning over 20 years, winning 20 Grand Slam titles and earning $1.1 billion, despite winning only 53% of individual points. This analogy underscores that consistent, repeatable decision-making, rather than occasional big wins, is crucial in
As the UK goes to the ballot box on Thursday 4 July for the first time in nearly five years, if the pollsters are correct the result seems almost like a foregone conclusion with a Labour Government set to end a 14-year Conservative (Tory) Party run. Download PDF
One of the most attractive areas in terms of valuation is that of investment trusts. We use investment trusts extensively across the portfolios such as Momentum Diversified Growth Fund (MDGF) and Momentum Diversified Income Fund (MDIF); where the income generation from trusts is crucial. Download PDF
French president Emmanuel Macron’s decision to dissolve parliament and hold snap elections (just weeks before the start of the 2024 Olympic Games in Paris no less) seems strange and rushed at first glance but there may be a method to the madness. Will it backfire? Download PDF
In a reversal of the April sell-off, equity and bond markets generally performed well in May. The MSCI World index of developed markets gained 4.5% while US Treasuries returned 1.5% and Global Government bonds 1.0%. The US equity market led the way, +4.9%, with tech dominant. The Nasdaq index returned
In contrast to the huge growth in passive AUM in recent years, conditions for active managers are arguably the hardest they’ve been at any time in recent decades, driven in particular by: the higher interest rate environment, leading to steep losses on fixed income assets and investors switching into or
While Chinese state-owned enterprises (SOE) reform is not a new phenomenon, changes appear to have gathered pace over the last 18 months, beginning with the ‘Three-Year Action Plan’ in November 2022, which set out a strategy to improve corporate governance and communications. Download PDF