Serious investment thinking that doesn’t take itself too seriously.
Our man in the desert looks across all asset classes to give his opinion on the market trends and stock picks.
Monetary policy isn’t about interest rates. It’s about money. Specifically, it’s about the supply of money relative to the demand to hold it. But you wouldn’t know that from financial journalists’ constant focus on interest rates. Sentences like “The Federal Reserve lowered interest rates today”,...
In the headlines this morning: https://morningporridge.com/stuff-im-watching There is little point commenting on yesterday’s Brexit shenanigans – except to note the degree of...
Merger mania in Wall Street media shares was a profitable theme for me in 2018, particularly since I owned 21st Century Fox shares well before Walt Disney made its epic bid for...
I have gone gaga on software shares since 2013, when Satya Nadella redefined Microsoft – and tripled the valuation of the Evil Empire of Redmond in the next five years. True,...
The Euro has been a disaster since its birth in 1999. Its monetary pathologies led to youth unemployment rates of 50 – 60% in Greece, Spain and the Italian Mezzogiorno. It gave a...
I confess, I fell in love with South Africa’s Cape Town, though not its Johannesburg Stock Exchange (JSE). 2018 was an annus horribilis for both the rand and South African...
The current balance of payments crisis in Pakistan evoked my memories of visiting Argentina as a Chase Manhattan derivatives banker in the 1990’s. Domingo Cavallo’s artificial...
It is impossible to make a strategy call on the emerging markets without also making a call on the trade war, the credit/property slowdown in the Middle Kingdom, the resurgence...
The wing flaps of the macro black swans have unnerved the financial markets in December 2018. What next if we extrapolate current trends to their logical conclusion? La Bella...
For investors in the Middle East, global equities and crude oil, it will be hard to wax nostalgic for 2018 given the sheer scale of the losses this year inflicted. Even I was...