Investment journal

We would like to address a subject that has been circulating through the investor psyche as of late: the concern is that the Federal Reserve, in its hawkish stance, is unable to engineer a soft landing, and that the contemplated series of interest rate...

We are deeply saddened by the scale of human suffering that has resulted from the Russian-Ukraine geopolitical situation, which was the major cause of recent market volatility. It has reinforced to investors the importance of investing in companies with...

Before looking at one of the specific military risks in Ukraine surrounding this complex geopolitical situation and related sanctions risks, it’s important to consider the market’s past performance during previous wars and high-stakes confrontations....

Happy New Year to you and your loved ones. We concluded 2021 in a strong position, on both an absolute net return and relative performance basis. The fogginess that greeted growth names as 2022 started had to do with an uncertain interest rate outlook...

Idea generation is a process that we are continually reflecting upon and refining. A mindset of continuous observation, creativity, passion for business, and attention to both the quantitative and qualitative elements of investing surround this process...

Monetary policy is one of the underlying factors that influences the path of equity price returns. This is because monetary policy is responsible for the prevailing level of interest rates, which in turn shape investors’ required return expectations,...

One of the topical subjects in the investment industry is the inflationary outlook. Inflation is an important factor because it determines the discount rate on investment asset classes, with higher inflationary expectations leading to higher return expectations...

As the investment climate evolves, and we are now midway through the year, clients have expressed interest in our outlook and portfolio positioning. Our current views remain similar to our views in past instalments, with most investors now realizing that...

In past installments, we distinguished between our definition of risk compared to volatility. Risk, is the degree of uncertainty embedded in a company’s business model. If this uncertainty enlarges due to the timing or the realization of profits or cash...