We wish you a happy and prosperous 2026. Global investors waited patiently for the year‑end Santa Claus rally to deliver, but it failed to materialise in any meaningful way. Even so, 2025 proved to be a strong year for markets overall and a profitable one for clients in our Alpha Beta portfolios. In the update that follows, we review December’s market dynamics, and we encourage you to read our separate forward‑looking article, The K‑Shaped Conundrum , for deeper insight into

Behind the curves of the K-shaped economy lies a profound transformation. 2026 will be a pivotal year for the United States as it navigates a complex economic and geopolitical landscape. The dual challenge is clear: strengthen Main Street America without triggering destabilising policy shifts, while preserving the wealth effect that underpins U.S. equity markets. At the same time, addressing strategic vulnerabilities. Success in these areas will not only shape market performa

The Dual Challenge The world faces two opposing challenges. Most major economies have committed to dropping carbon emissions and aspiring to “net zero” within the next few decades. To the contrary, governments are also desperate to boost energy security and bring down soaring energy costs, which feeds into cost-of-living crises, increases the poverty gap and stimulates civil unrest. With this in mind, not taking advantage of the remaining reserves of fossil fuels is somethi

Key Highlights: The S&P 500  rose 0.13% in November and 16.45% year-to-date, ending the month at 6,849. Michael Burry’s  short-Nvidia recommendation briefly unsettled markets despite strong corporate earnings. The U.S. government shutdown  lasted 43 days, the longest on record, contributing to reduced liquidity. Approximately $10 trillion of U.S. debt  must be rolled over in 2026, making liquidity a central consideration. Quantitative tightening  ended on 1 December, improvin

Key Highlights: US equity markets  extended their six-month winning streak, with the S&P 500 rising 2.27% in October, supported by robust earnings and optimism surrounding Federal Reserve rate cuts. The Federal Reserve  reduced interest rates by 0.25% to a range of 3.75%–4.00%, marking the second consecutive cut amid signs of a weakening labour market and easing inflation. European markets outperformed the US, buoyed by ECB monetary easing, falling interest rates, and German

In today’s fast-moving financial world, investors are constantly looking for smarter ways to grow their money. One powerful approach combines creative idea generation, advanced optimisation models like Black-Litterman, and strong risk management. Together, these tools can help deliver better investment returns over the medium term. Let’s break down how this works. View Formation: The Power of Creative Ideas in View Formation Great investment strategies often start with fresh

Key Highlights: US equity markets recorded their best September since 2010, with the S&P 500 rising 3.5% and the Nasdaq gaining 5.6%. The Federal Reserve delivered its first rate cut in 2025, citing labour market weakness and moderating inflation. Gross Domestic Product (GDP) growth was revised higher to 3.8%, with data suggesting further strength in upcoming releases. Concentration risk persists in the S&P 500, with ~40% linked to AI and hyperscaler firms. Treasury yield

Executive Summary Global debt markets have swelled to $322.94 trillion ( ≈250% of world GDP ), far outstripping global equities at $126...

Key Highlights: US Producer Price Inflation  rose to 3.3%, marking the largest monthly increase since March 2022. The S&P 500  posted...

Key Highlights: Longer-dated government bond yields  rose across markets during the first half of the year, reflecting higher borrowing...

Whether it be your approach to responsible investment, or the active versus passive conundrum, everyone should have the opportunity and...

Key Highlights: The  Trump pivot on tariffs  marked a shift from a broad deal-making agenda to interim agreements, with a 10% tax...

Every 100 years or so, money dies. Let me explain … Throughout history, money has evolved in various forms to facilitate trade and...

Key Highlights: U.S. equities posted strong gains, with the S&P 500 rising 9.6% and the Nasdaq advancing 10.2%, supported by strength in...

The current trade tariff debacle finds its roots way back in history. The ‘Make America Great Again’ rhetoric has a form of restorative...

Key Highlights: Market volatility  resurfaced in April, with the S&P 500 falling over 10% at one stage before closing down just -0.76%....

Introduction Within the evolving financial advisory landscape, client risk profiling has progressed significantly. Today, it is...

Key Highlights: The Trump Administration’s accelerated domestic agenda signals a strategic retreat from global roles in favour of...

Key Highlights:  Market volatility  increased in February, with the S&P 500 declining by 3% amid geopolitical uncertainties and economic...

US debt hit an eye watering $36 trillion earlier in 2025. That’s 12 zeros! President Trump, his officials and swathes of economic...