There will be a a short break in this series of comments as I'm taking a holiday break for a couple of weeks. We will continue to publish our in-depth fund profiles - the latest this week is on the Ruffer Investment Company (ticker: RICA), the popular defensive multi-asset trust, and next week we will look at PRS REIT - and our weekly summaries of company announcements and movements in share prices, NAVs and discounts will continue to be posted each week. I have also reposted last week's comments which were accidentally taken down from view. This week I add some random thoughts on where we ar...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This week I have a few further short notes on the market outlook, and quote a number of market participants and commentators whose views I have come to respect. They all think that the equity market sell off has further to go, as do I. Am I the victim here of what the behavioural scientists call cognitive bias? Am I only hearing what I want to hear? It is certainly possible - humility is a useful quality to bring to the investment game. Notwithstanding that I have raised the possibility of a rally, and suggested there is a case for edging back into the market as a precaution against being wron...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
I have added some interesting charts with brief comments which subscribers can download below. The general thrust is that while sentiment is very negative, suggesting at least a rally in the short term (as we saw this week), there are still good reasons for thinking that we are not yet over the worst.
The second quarter company results on Wall Street will be watched closely to see whether the outlook has deteriorated sufficiently to justify marking down expectations of equity market earnings over the next 12 months. So far earnings forecasts have remained stubbornly high but they could well ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Nobody is more disappointed than me that Simon Elliott is leaving Winterflood Securities to take up a senior management role at J.P.Morgan Asset Management. As a result he will no longer be able to continue co-hosting the weekly Money Makers investment trust podcast. He has been a brilliant partner in this venture over the last two and a quarter years, as all the compliments that have come in since the news came out testify. He will be a tough act to follow.
Onwards and upwards? Simon bought a unique set of knowledge and skills to the podcast. As a result it seems sensible to experiment a lit...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Instead of a lot of words I have concentrated this week on producing another video summarising the way things look as we reach the halfway stage of what is proving to been an epic bad year for investors, with the S&P 500 down more at the six month stage than in any year since 1970 and bond investors also suffering at the same time from soaring inflation and the sharp increase in bond yields. Unfortunately none of this is much of a surprise. Future market historians will, I am sure, look back on some of the excesses of the post-pandemic period with genuine astonishment.
Market thoughts Th...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
I have recorded a new video that runs through some current market charts and explains why I think that we are probably due a rally after the market declines of the first four months of the year. The video also includes some of the slides that Simon Elliott and I presented at the Mello Trusts and Funds event earlier this week. My thanks to all those present who came to the presentation, including several regular listeners to the Money Makers podcast.
Checking on the markets This is the link to the video recording. Please remember to press full screen mode (the symbol of four little arrows that...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis Stuart Watson's fund profile this weekend looks in depth at Martin Currie Global Portfolio. The Q and A is with Georgina Brittain of J.P.Morgan Asset Management, who manages both their UK smaller companies and midcap trusts. I have been in Scotland for most of the week, taking a few days off, but will be resuming a more detailed notebook next week. You can now also see the market review video that was originally intended to be published last week but was delayed because of some tiresome technical issues.
Link to market review video The link is here. The video falls into two hal...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis As promised I have recorded a video looking at the recent performance of the markets and some favoured investment trusts. I will follow this up in a few days with another look at the portfolios we monitor, to take account of some changes I am in the process of making. The bottom line: the equity markets have been quiet recently but the upward trend of the last 10 months has persisted without so far a significant correction. The UK equity market continues to look attractive on the basis of relative valuations.
Here is the link to the video. Meeting Recording: https://us0...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis This week I have recorded a market review video, as well as some further market thoughts below, to be followed next week by a second video looking at the behaviour of the model portfolio and recent investment trust performance. Stuart Watson, our new contributor, has added half a dozen fund profiles from his archive which you can find here (link), as well as some additional commentary in the weekly review of trust news and data. The Q and A this week is with Duncan Baillie, the manager of the Ruffer Investment Company (link here), which includes many pertinent points about curre...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is the second of a number of regular market reviews I plan to include in the Money Makers service, delivered in video format. The first one was recorded on January 24th 2021. In the first one looked at the simple building blocks of any investment portfolio - inflation, bond yields and stock market indices - using medium term charts. In the second I talk about how the markets and the investment trust sector performed in the first quarter of 2021 and explain the thinking behind a couple of changes to the Money Makers Handbook portfolio. I will add some further details in a second video late...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers