Inflation is every government’s dream
Inflation as a policy choice Governments are traditionally expected to control inflation. But in today’s economic environment—with record debt levels, fiscal stimulus, and expectations for rate cuts—an alternative view is emerging: inflation may not just be tolerated but actively encouraged. A return to sustained inflation could be the path of least resistance for indebted governments […]
China rises as US exceptionalism fades
Investors disappointed by returns from Chinese equities might have missed the surge in the MSCI China Index since the beginning of 2024, which has done much to close the performance gap with the rest of the MSCI Emerging Markets Index in recent years. Source: Bloomberg, 28 February 2025. Normalized to 100. Past performance is not […]
Value opportunities are emerging in Europe
Europe faces a challenging macroeconomic backdrop. A complex geopolitical environment, risks of an energy crisis and the threat of being squeezed between the tensions of China and the US are all valid reasons to be cautious on the outlook for Europe today. We do, however, see pockets of real value within European equities that, in […]
The infrastructure investment boom
Today, investor interest in infrastructure is expected to grow as global electrification, digital innovations, increasing demand for energy and energy security, and the need for efficient transportation drive new development opportunities.
Hiding in plain sight: Finding value in unexpected places
One of the calmer moments of putting my kids to bed comes when the children settle down to listen to a bedtime story. Recently, in my household, we have been thumbing through the Enid Blyton canon, joining the various alliterative groups of young crime-solvers as they track down smugglers, foil kidnappings, and apprehend roguish gangs […]
India: Look before you leap
India might be the biggest growth story in emerging markets; the world’s most populous country has demonstrated better economic performance than the rest of the emerging market universe since the mid-teens, with GDP growth averaging over 5.5% annually since 2017. Source: Bloomberg as of 31 January 2025. The information shown above is for illustrative purposes. […]
Shock to the system
The US electrification revolution and what it means for investors The US power sector is on the cusp of a profound transformation, driven by surging demand for electricity. This seismic shift is creating multi-decade opportunities for investors, particularly those with a focus on grid modernisation, digitisation, and decarbonisation. Three compelling charts highlight the scale of […]
Webinar: 25 unsustainable charts for 2025
When the line on a chart goes parabolic, it often tells you something about the mindset of investors; they are extrapolating recent gains into the future, are fearful of missing out and are more focused on potential reward than any notion of risk. Whilst one or two charts climbing vertically upwards might be explainable, we […]
US exceptionalism and the illusion of endless growth
2025 is a rare year. It’s a perfect square (45²), the sum of cubes from 13 through 9, the first perfect square year since 1936 and the next one won’t arrive until 2116. 2025 is also a year of rare market conditions that have only been seen a few times in history.
Statement regarding the proposed acquisition of ReNew Energy Global plc
10th February 2025 – This statement relates to the proposed acquisition of the entire issued and to be issued share capital of ReNew Energy Global Plc (“ReNew” or “the Company”) for $7.07 per share by a consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Limited […]