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The Capital Gearing Trust and the Ruffer Investment Company

The Capital Gearing Trust and the Ruffer Investment Company

Trade in Whisky; There is disquiet as our two long-standing, multi-asset investment trusts have come under pressure. The Capital Gearing Trust (CGT) and the Ruffer Investment Company (RICA) have excellent long-term track records and would both be considered diversified and defensive. Yet things have gone wrong for these strategies in

Trading Tenaris

Trading Tenaris

I have had several emails about dealing in Tenaris (TEN IT), where IT means Italy. Some have asked if Tenaris SA is the same thing. SA is similar to Ltd or Plc. So yes, SA is fine. Others have seen MI on their platform, which is Millan. That is fine.

Going Global

Going Global

Trade in Whisky; US equities think it’s a bull market, European equities are scratching their head, while Asian equities see a crisis. In contrast, surging interest rates fight stagflation, commodities see a recession, and the long bond a depression. Gold softness reflects relief in global tensions, while Bitcoin advances

Is the Gilt Bear Over?

Is the Gilt Bear Over?

Trade in Whisky; The challenge in 2023 has been the divergence between the economy and the markets. In normal dark times, you’d just buy bonds and be patient, but this cycle has its quirks. It has coincided with the sharpest interest rate hikes in living memory, making bonds extremely

Taking Profits in Melrose

Taking Profits in Melrose

Trade in Whisky; In 2023, equities are up while bonds are down. The big tech stocks have been in the lead, driven by artificial intelligence, animal spirits, and short covering. With bonds selling off again, risk is rising again. I also look at the strength in sterling and the weakness

Value in Latin America

Value in Latin America

Trades in Whisky and Soda; The highest returns over the next decade are likely to come from the developing world. A typical developed country is overindebted and has an ageing population. In contrast, a typical emerging country has less debt, a more youthful population (China excepted), and enjoys a faster

Don’t Panic Until They Cut Rates

Don’t Panic Until They Cut Rates

There are plenty of cheap securities that will inevitably deliver good results in the long term. Yet in the current environment, finding opportunities that are appreciating in price while being fairly valued and insulated from the risks are severely limited. What the market gives with one hand, it takes away