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The debate about where we are in the global economic cycle rages on, and the range of opinions appears to be widening not narrowing. The US Federal Reserve Chairman believes we are in a “mid-cycle adjustment” yet observers of the trade war between the US and China, the political unrest in Hong Kong or the […]
Category: Business, Thought pieces
Inheritance Tax (IHT) is a deeply unpopular tax. People dislike the thought of double taxation; an extra layer of tax on assets which have been accumulated by thrift and saving from income or capital gains which have been taxed already. Although IHT is indeed one of the most hated and feared taxes, a recent report […]
Category: Business, Thought pieces
In “Jerry Maguire”, a film about a sports agent, the hero’s client demands to be shown “the money”. The agent finds himself dancing to the tune of the only man he represents. And so, it is with stock markets which at the moment are obsessed with how Central Banks will react to slowing growth and […]
Category: Business, Thought pieces
Politics continues to dominate both stock market and general economic sentiment. In particular, the continuing trade dispute between the USA and China is a focus of concern for investors, as higher import tariffs start to come into effect. Sentiment has also been impacted in the technology sector by the US targeting Chinese telecoms giant Huawei, […]
Category: Business, Thought pieces
CHINA-US TRADE WAR—THREAT OR OPPORTUNITY? In recent years, many financial commentators have been predicting the end of globalisation and a move into a multi-polar world order, with disenchantment over widening income and wealth distribution driving a changed environment. The US trade war with China is an obvious recent example. In this commentary, we consider the […]
Category: Business, Thought pieces
WOODFORD EQUITY INCOME FUND Clients will no doubt have seen some of the extensive press comments on the recent dealing restrictions placed on this fund by the Fund Manager. This Clarion commentary on the events leading up to the dealing suspension might be of interest and provide reassurance to our clients. Clarion considered investing in […]
Category: Business, Thought pieces
One of the world’s most important economic indicators has gone into reverse in recent months. In this commentary we look at the implications for investors and clients of Clarion. What has changed is the outlook for American interest rates. These rates are, in effect, “the global price of money” and set the risk-free rate for […]
Category: Business, Thought pieces
A quote from the renowned American investor and writer, Howard Marks, sets the tone for this month’s commentary: “The best response when seas are choppy is to focus on completing the long-term voyage and not think about whether the next wave is going to push the nose of the boat up or down.” Despite a […]
Category: Business, Thought pieces
Two of the most successful investors of recent times, Warren Buffett and Terry Smith, have recently published their annual investor letters. These letters are always worth reading for their insight into how a successful stock market investor thinks. Although we are dealing with different aims, objectives and risk criteria, Clarion use similar methodology as these […]
Category: Business, Thought pieces