Opportunity in the Orient Flash Note; It has been a while since I issued a flash note for the Whisky Portfolio, but there has been a notable breakout in China, and I believe we should take it seriously.
FTSE All-Time High on a Weaker Pound Trades in Whisky and Soda; I joined "the city” (London financial district) in April 1998, when the FTSE 100 was flirting with the 6,000 level for the first time. Yesterday, it breached 8,000 some 26 years later. Luckily, I found other things to invest in over the
Rising Conflict and Sinking Bonds The Middle East is on the brink, and retaliatory attacks may lead to escalation of the conflict. Normally, we would see a flight to quality into US treasuries. That hasn’t happened, which indicates what we have suspected for a long time: that they are no longer the high-quality investments
The Great Reflation Trades in Soda; This year, we have discussed gold, silver, gold miners, oil, and agriculture, and boosted exposure to commodities. With the reflation trade reawakening, it is little wonder the portfolios have picked up strongly. But there is one area where we could add exposure, and that is industrial commodities.
Feeding the Commodity Rally Trades in Whisky; The portfolios are feeling the pull from strength in precious metals and energy, which is good news and not before time. Commodity prices collapsed in the early stages of the pandemic, only to surge later on. After adjusting for inflation, commodities are at the same level as
A Vibrant Market for Oil Oil has always played an important role in my investment process. Going back to economic basics, energy is the basis of civilisation. It does hard work for us and is turned into capital stock such as homes, factories, roads, and the railways. Provided that society can consume more energy productively,
Japan Ends ZIRP Following years of zero interest rates, the BoJ governor, Kazuo Ueda, has ended this policy. It is a clear signal that the deflationary forces unleashed after the Japanese asset bubble in 1990 are finally over. But don’t get excited just yet. Things are moving slowly, and this announcement has