In investing, attention often gravitates toward fast-growing companies promising rapid expansion over a few short years. Yet, the most enduring sources of shareholder value typically do not come from explosive growth. They come from the slow, steady march of durable businesses capable of compounding and reinvesting earnings over decades. When a company can survive and […]
The Power of Business Durability Read More »
So far, 2025 has been defined by strong financial market performance despite economic and geopolitical uncertainty. Equity and fixed income investments continue to perform well – buoyed by optimism around Artificial Intelligence (AI), lower interest rates and a resilient economy. Yet this strength has come against a backdrop of elevated valuations, macroeconomic fragility, and heightened
Real or Artificial? Read More »
Last month, a massive $140 billion flowed into US equity funds as investors embraced the re-election of Donald Trump. This “Trump trade” was driven by investor expectations that the new Trump administration will unleash sweeping tax cuts, deregulation and aggressive fiscal policies that will generate a further boon to corporate America. There is now a
American Exceptionalism Read More »
The Russian invasion of Ukraine in February 2022 essentially marked the end of a thirty-year peace dividend. During this relatively stable geopolitical period, major conflicts were regional (Afghanistan, Iraq, Libya, Syria) and “contained”, trade friction was subdued and supply chains were well established (other than during COVID). The world experienced above average economic growth driven
Intel and Reshoring Read More »
June 2024 2024 has seen a sizeable jump in the price of gold. After trending in the $USD 1,800 to 2,000 range for the past three years, the price of gold has increased 20% year to date. Historically, the price of gold has been a rough hedge against inflation. Recent post-covid inflation has been a
Gold and Geopolitics Read More »
