Contact Us

Background: Although US markets struggled to make headway in December, it did not derail what turned out to be a good year for equity markets, gold and industrial metals. A significant theme of 2025 was that those markets that started the year at the lowest price, as measured by PE ratios, gave the best returns over the year - the more expensive markets lagged. For all the talk of the Magnificent Seven, only two (Alphabet +65 per cent and Nvidia + 38.9 per cent) beat the 17.9

You might think I'm mad (and perhaps a bit sad!), but one night over the Christmas break, I dreamt that the US Dollar continued to weaken in 2026, and hit 1.50 against sterling. The chart below shows that so far in 2026, it looks like it is heading that way. I was also struck by John Auther's chart, showing how the cheapest markets in PE Ratio terms did best in 2025. The UK continues to be one of the cheapest markets. That, combined with further dollar weakness, could lead to

I think a theme for 2026 will be space.   The IPO of SpaceX is expected later this year, which I think will focus investor attention on the sector.       To that end, I have added a 4.0% position in JEDG (VanEck Vectors Space Innovators ETF) to the Funds’ Portfolio.   For more information on JEDG, click HERE   Its top holdings are:       For the JIC Portfolio, I am risking 2.0% of my capital in JEDG’s largest position, AST Spacemobile. (ASTS, Market Capitalisation $23.5bn, $8

Alnwick Castle

Full ist below. The winner was Thor Explorations, up 300%.