Sapping Confidence


20th Sept 2022


Last week's equity market action made it amply evident that investor confidence continues to be on the wane. In these troubling times, when equities have struggled to find a bottom, we doubt ’the Federal Reserve meeting scheduled this week will provide any respite – or a decisive direction – to the markets...




12th Sept 2022


Recent economic data or indeed the broader market action have done little to give us an emphatic signal of what the future holds for the economy or the markets in general. Opinions remain divided over the future course of the global economy and whether it will be a full-blown recession or a technical one...


Worringly Positive


5th Sept 2022


Both equities and bonds disappointed last week. Strikingly though the correlation between bond and equity returns has turned more positive recently, leaving return-chasing investors with few places to hide as both asset classes posted losses....


Market View: What's to come at the Jackson Hole economic symposium, US inflation picture, hedging against ongoing uncertainties ....


26th August 2022


Gary was interviewed on Money FM 89.3.


The Penny Finally Drops


29th August 2022


The US financial markets and the Fed have finally realised what is needed to fight inflation—or so it appears. If Fed Chairman Jerome Powell is finally adjusting his speeches to fit the common wisdom about how a central bank should fight inflation, the markets must listen...


Are Things Really That Good?

15th August 2022


Judging by the performance of the US equity markets over the past ten days, I'm sure many investors are questioning the rationale behind the surge. Given the difficult macroeconomic background, it’s indeed intriguing how markets can stage such a sharp rally...


Bonds to Edge Equities


22nd August 2022


We see that both bonds and equities are under pressure as the Fed remains committed to a more aggressive path for monetary tightening. However we suspect that Bonds will fare better in coming weeks....


A Challenge and an Opportunity

8th August 2022


The last few weeks have presented a number of contrasts that investors need to reflect on in earnest. Amidst surging inflation and the resulting concerns about central bank tightening, risk assets have staged a sharp rally...


Trying to Keep an Open Mind

1st August 2022

The past two weeks have seen a sharp surge in equities with investors taking the view that bad macroeconomic
news is good news for markets. That view is built on the premise that if growth data is poor, the Fed will back off
from raising interest rates...


The Dollar - the Best of a Bad Bunch

25th July 2022

The dollar's recent inexorable rise has appeared to show no bounds and has made asset allocators inevitably believe
that it may be too risky to bet against the currency...


As Bad as It Felt

4th July 2022

The end of last week drew curtains on what was a tumultuous quarter of negative returns for most asset classes. We continue to believe that the world is facing a structural shift in risks. It is no longer that case that a well-behaved inflation will allow central banks to provide virtually fee liquidity to pump up asset prices......


The Fed Serves Up a Reality Check

11th July 2022

The Federal Reserve means business. Just when the markets were getting comfortable with the idea of a less aggressive pace of Fed tightening, last week's publication of the minutes from the previous Federal Reserve policy meeting spooked them further...

18 JUly pic.webp


US inflation hits 9% and everything is fine right?

18th July 2022

Last week's market movements only underscore the volatility and uncertainty that have come to characterise
markets of late. Despite an outrageously high US inflation data, equities ended the week on a positive note,
although 1-2% lower on the week..

Hubbis Logo no shadow - CMYK.webp


Feature article with Hubbis

20th October 2021

Private Clients and the need to adapt investment portfolios with a proper
historical perspective - An Interview with Gary Dugan, CEO, The Global CIO


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