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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

Background:   A volatile month for markets, with many calling the top of the AI bubble. Whether it has popped or is just letting out a little air is a moot point. Equity markets weren’t helped by the Chairman of the Federal Reserve. Following a quarter-point interest rate cut early in the month, he poured cold water on the chances of a further cut in December. Towards the end of the month, the mood changed with the market now expecting another cut on 10 December. This helped

Background:   The markets wobbled a little in October before recovering. Concerns about a mounting trade war between the US and China dominated the news. China threatened to restrict the export of rare earth metals. The US, despite its best efforts, is a long way off from reducing its dependence on rare earths from China. In any case, Trump and Xi reached a compromise. The broad details included China agreeing to buy US soybeans and reducing its restrictions on the export of

Fornalutx, Majorca Background:   After a wonderful summer, the sun continued to shine on markets and my two portfolios. Virtually...

Borrowdale

Rushed this out today - I'm on the sleeper to Fort William tonight to hike the Great Glen Way to Inverness.   Background:   Thus far,...

Background:   Another eventful month to cap off an exhilarating first half of 2025. The US market has staged a sensational recovery from...

Background:   Another topsy-turvy month in the Trump world. Tariffs reduced, tariffs delayed, new tariffs introduced—a new term gained...

Trump informs President Pingu of the Heard and McDonald Islands about the imposition of reciprocal tariffs of 10% Background: Donald...

Struggling with jetlag! Sunrise over Wandsworth Common.

Ferry from Queenscliffe to Sorrento I posted my January review but did not receive a notification. I guess nor did anyone else. Let's see...

Background:   To describe January as eventful would be to do it a disservice. Trump's inauguration speech clearly stated that he intends...

Background: Investors spent December analysing the potential impact of a second Trump term on the markets. Would he reintroduce trade...

Background The Federal Reserve's recent move to cut interest rates by 0.5 per cent in September didn't have the calming effect it might...

Silverdale, Lancashire Background The loosening cycle has begun. The Federal Reserve cut interest rates for the first time since March...

Morecambe Bay

Background It is too early to call the pricking of the AI bubble. In the US, however, there was an apparent rotation out of the...

Corfu

Background May turned out to be another strong month for financial assets. Equities led the way, with the NASDAQ Composite up 6.9%, the...

Background It started to sink in that interest rates in the US would stay higher for longer. Inflation was proving stickier than expected...