Serious investment thinking that doesn’t take itself too seriously.
The capital allocators examine trends in the sector
To be clear, and to contradict the popular narrative in the West, China does not have a property crisis.Rather, it has deliberately engineered a collapse of the property developer sector which, having achieved its key role of enabling large scale urbanisation, had over-extended itself into...
The big chill of recession and a banking panic now haunts black gold, exactly as it did in the last six months of 2008 when Brent crude plunged from $148 a barrel in July to...
Another instalment in a series of articles detailing how to design a secure, income-producing portfolio In my previous article, I mentioned the reality that investment advisors,...
How do you know when you’ve gone far enough? That must be the question starting to dawn on the minds of central bankers in their current rate hike cycle. But having drifted so...
‘Wilful blindness’ describes the phenomenon of human beings not seeing what they don’t want to see. Not looking too hard might be another way of putting it. You and I can think...
The data and price action last week reinforce my conviction that Wall Street risk assets are now in a classic Catch-22, heads I win/tails you lose scenario. The strong economic...
The latest IPD Monthly Index shows UK commercial property capital values declined by 14.2% in the calendar year 2022. Income was something of a saviour of total return though....
Time to buy some discounts to NAV, Blackstone cede 11% and UK planning paralysis What on earth is happening to our planning system? Is it absent without leave? I know it’s...
You can't have a soft landing and a Fed pivot. Expected Fed funds rates by December 2023 Source: Refinitiv, Federal Reserve. After a dismal 2022, markets are off to a flying...
Below is a graph showing the total number of residential units by estimated completion date and stage of development across London. It is, of course, a ‘best guess’, particularly...