Perspectives

Q4 2024 Macro Outlook & Investment Strategy

Steady, if not speedy, disinflation has allowed monetary easing to begin in Europe, and, latterly, in the US, as well as in many large emerging markets. As a base case, we expect this process to continue. But upside surprises for inflation and rates are a distinct possibility. Wars in the Middle East and Ukraine perpetually threaten to disrupt energy and food supplies; China has opened the floodgates to more policy stimulus; and the US election may well carry Donald Trump back into office on the promise of more tax cuts and trade protectionism. Meanwhile, markets are pricing in a goldilocks ‘soft landing’ scenario for the global economy, reflected in razor-thin credit spreads and toppy equity multiples on cycle-high earnings. Downside risks for traditional asset prices are elevated, with gold and alternatives obvious redoubts for investors. But the rosy market consensus may yet prove right.

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Debunking 5 Myths in Family Business Ownership

When it comes to Family Ownership, there are certain beliefs that are echoed throughout this delicate ecosystem with little to no foundation. In this article we break these myths down and offer fresh perspectives on topics like governance, generational involvement, and the implications of selling a family-owned business.

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August Market Update 2024

This month, we discuss the global equity sell-off and the subsequent recovery, the unwinding of Yen carry trades, the outlook for US interest rates, and our duration posture.

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The Coca-Colas of AI

In this article, we explore some historical examples of the types of companies that have benefited from new disruptive technologies – notably Coca-Cola’s transformation as a result of refrigeration – and draw some conclusions about the potential impact of AI, highlighting some of the companies set to be potential winners.

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