by Stuart Fowler | Dec 14, 2020 | Miscellaneous
The FCA asked for input to its policy setting for the market in consumer investments. We welcome the initiative but it is pointless unless the regulator is serious about entertaining radical changes, even if it involves new (or a new interpretation of) primary...
by Stuart Fowler | Nov 2, 2020 | Miscellaneous
Short-term forecasts may be futile but investors can’t avoid long-term return assumptions. Our model is projecting 20-year real total returns of around 7% pa for a spread of global equity markets. Rather than lower than the historic investment growth trends, in...
by Stuart Fowler | Sep 9, 2020 | Miscellaneous
Final-salary pension transfers tell us a lot about the wider need for customised investment solutions, goal-based and outcomes-driven, to replace standardised portfolio types. Failure of conventional solutions Defined Benefit (DB) transfers, where a known, secure real...
by Stuart Fowler | Apr 7, 2020 | Miscellaneous
Equities are very cheap. Real risk free rates are exceptionally negative. The real-terms risk premium is higher than at typical bear market lows. That’s what a pandemic can do at a time when risk free rates are still represssed by the monetary response to the...
by Stuart Fowler | Mar 31, 2020 | Miscellaneous
This email to clients updated our earlier information on 21st March on the impacts of coronavirus on our modelling of real spending outcomes for their spending plans. This takes into account the extraordinary scale of governments’ intervention in economies,...
by David Anderson | Mar 21, 2020 | Miscellaneous
This is how we updated our discretionary portfolio-management clients (by email) on the impacts of coronavirus on their goal-based portfolios. This was before the lockdown and before the full scale of the Government’s intervention in the economy was known but...
