A diversified portfolio service that blends traditional bonds and equities with alternative assets such as gold, commodities, and digital assets
In this Q3 2025 update, I shall review the model portfolios, named Whisky and Soda, which I have been managing since February 2016. I shall also touch on our other services.
One of the mysteries of this equity bull market is its drivers. The consumer is weak, wages are softening, house prices have peaked, industrial demand remains slack, and global logistics have slowed.
I am most pleased that both the Whisky and Soda Portfolios have had a good year without chasing the high-risk investments that are driving this market.
It’s interest rate week, with the US Federal Reserve showing their hand tomorrow. The Bank of England then moves on Thursday, and the Bank of Japan on Friday.
We have come a long way, and the good news is that government debt and deficits have finally made front-page news. At the very least, that means the problem has now been flagged.
I showed this last week but given the UK long bond yield is up again, it remains highly relevant. Long
