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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.

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

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,

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

The Brazilian stockmarket has been one of my highest conviction ideas. I am not just talking about today, but back in 2003. Back then Brazilian equities were dirt cheap, and under-owned. The Asian crisis of 1998, which morphed into an emerging markets crisis, kept investors away. I can even recall

Trades in Whisky; This year, Apple is down 12%, Google is down 6%, and Tesla 28%. Yet quietly in the background, gold has made an all-time high. The market is telling us something, just like it did in 1971, 2005, and 2018. What is so extraordinary about this new high