Monthly review - June 2022

It can be argued that markets are always in a state of anticipation, at any point pricing how the distilled wisdom of the investment masses see the future development of economic growth or inflation and their associated impact on corporate earnings. We are now at one of those critical junctures - will the inevitable monetary tightening needed by the Federal Reserve Bank to tame inflation force the U.S. economy into recession and, if so, how will the market price that risk?

Monthly review - May 2022

It is no exaggeration to say that we are going through an incredibly complex and uncertain macroeconomic environment, which has arguably been created by fiscal and monetary policy responses to a confluence of exogenous shocks in recent years, namely the global pandemic and more recently war in Ukraine.