SUMMARY. The media newsflow is very negative, particularly around the emotive, but undoubtedly serious, unemployment trend. Nonetheless, if “less bad” is the new “good” for 2009, the last month has…
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SUMMARY. Recessions are not the end of the world, they are a process for sorting winners from losers, as the retailers have vividly illustrated. For investors the greatest problem is…
SUMMARY. The news flow has been poor, and will continue to be for some months. But there are early signs of stability, from stock markets, mortgage applications, and the growing consciousness…
SUMMARY Wow. It had everything. An October that was the worst ever for some stock markets, but also contained the largest daily gains ever. A US legislator that didn’t think…
SUMMARY. In September 2008 a relatively straightforward downturn in the real economy met a deeply intensifying banking crisis. A breathtaking month. The extreme turbulence has continued into October. Here we review…
The credit crunch is something of a myth beyond the narrow financial world where its effects have a real impact. Yet this last week we were able to peek into…
SUMMARY. Action to nationalise the two US mortgage giants was another encouraging initiative by US authorities to shore up financial markets. But the global economic downturn triggered by the inflation…
TopFunds Guide latest edition is now available. You can reply to this email to order a copy, or get in touch with your usual point of contact. This is a…
In January this year we asked “When can we expect persistently more buyers than sellers, because that is all we need for the market to make sustainable progress?”. We would…
A fascinating month, and an encouraging one for those of us not inclined to hysteria in prior months. Where it was assumed that the US was already in recession, now…
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