Odds and ends An interesting chart from the analysts at Stifel caught my eye this week. It shows the relative returns and volatility of biotech investment trusts over the past five years. It makes the point that the conventional assumptions about the correlation between risk and return do not apply for these trusts (assuming for the moment that you are happy to use volatility as a proxy for risk, which it is not of course). It also highlights the attractions of BioPharma Credit, which has consistently delivered reliable returns without excessive volatility. You would expect more price consiste...
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Not a perma-bear I think it is beginning to sink in that there are no easy ways out of the dilemma that the authorities are now in - belatedly trying to balance the fight against inflation with the need to protect financial stability and doing so at a time when the accumulation of government debt is limiting the room for fiscal interventions and banks are running into liquidity problems. The uncertainty about where this all goes to which investors are waking up is matched by the lack of coherence and clarity in the responses of central banks and governments. I fear that there are bound to be p...
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Jonathan Davis My notes include some further thoughts on current market conditions. Following on last week's profile of the Herald investment trust, this week's offering from Stuart is a profile of the Mobius investment trust, which has been posting some good numbers since it launched, well ahead of its larger rivals. There will be more Q and As later this week.
A fork in the road You may have noted the comment in yesterday's weekly investment trust podcast that, in the opinion of Brevan Howard, the managers of BH Macro, one of the four trusts that make up our defensive investment portfolio, ...
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The coming week sees Europe’s leaders once again meeting in crisis mode to debate whether its wealthy northern members should issue corona bonds to help Spain, Italy and other heavily indebted southern European nations. In the latest Moses and Methusaleh weekly podcast, Jonathan Davis and Peter Seilern, two veteran followers of global financial markets, discuss this perennial EU issue and also look carefully at the assumptions which have prompted a rally in global equity markets.
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