Central Bank Policy and Geopolitical Stress

Yesterday I had the opportunity to speak at the Institute of Managed Accounts Professionals (IMAP) conference, held in Sydney. First and foremost, I would like to thank IMAP for the opportunity to attend and speak to the large cohort of investors and financial...

Demographics are Destiny

Prelude In order to provide you daily content in our morning notes, we are usually organised ~2 weeks in advance with lists of topics and thematics that we hope will resonate with you. Originally, I had planned to write this note about inflation and why I’m...

“Where’s the Inflation?”

Investors do not always need to be economists. In fact, one of my favourite investors – Peter Lynch of Fidelity – is fond of saying, “If you spend 13 minutes on economics a year, you’ve wasted 10 minutes”. But despite a path for vaccine-rollout across the world, there...

Multi-Asset Allocation in 2021

Today’s daily missive marks our second last publication for the year and the last of our 2021 outlooks, finishing with our multi-asset view. While it’s useful to derive and forecast performance objectives for specific asset classes, it’s increasingly important to be...

Inflation and Debt

The price of goods, services and financial assets determine our ability to consume or invest in them. If prices increase and our income does not, then we need to reduce our ability to consume or invest. In terms of goods and services, an increase in prices without a...