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Trade in Whisky; In 2023, equities are up while bonds are down. The big tech stocks have been in the lead, driven by artificial intelligence, animal spirits, and short covering. With bonds selling off again, risk is rising again. I also look at the strength in sterling and the weakness

Trades in Whisky and Soda; The highest returns over the next decade are likely to come from the developing world. A typical developed country is overindebted and has an ageing population. In contrast, a typical emerging country has less debt, a more youthful population (China excepted), and enjoys a faster

There are plenty of cheap securities that will inevitably deliver good results in the long term. Yet in the current environment, finding opportunities that are appreciating in price while being fairly valued and insulated from the risks are severely limited. What the market gives with one hand, it takes away

Trade in Soda; Thankfully, it looks like an agreement will be reached on the US debt ceiling. The good news is that the US government will likely avoid default. Depending on your view, the good or bad news is that that debt can now grow by another $4 trillion over

Trades in Soda & Whisky Last October, I felt markets had fallen enough, and a rally was due. This proved correct, but what worked less well was the focus on China, Asia and the emerging markets. There is trouble brewing in China beyond politics, demonstrated by the lacklustre “boom” following