Yield curve inversion – no April fool It is the beginning of April, but after living through the events of this quarter, few seem in the mood for the usual April fools’ jokes. While UK consumers braced themselves for a surge in their cost of living – as the UK’s...

Better news is not always good news Another good week for global equities, but a poor one for global bonds. Of course, that hides some disparity in the subsections that make up both markets. In the broadest sense, the US Federal Reserve (Fed) said interest rates will...

Changing tides Last week we reminded portfolio investors of the importance of making sure that long-term investment decision-making is not overly influenced by short-term market fluctuations. Here at Cambridge, we aim to ensure portfolios remain positioned...



Positioning for the energy price shock Global capital markets continued their wild ride last week, as market participants struggled to gauge by how much would Putin’s barbaric war on Ukraine dismantle their 2022 outlook for the global economy. Wild equity market...

  A double edged sword During the course of the past week, the impacts of the war on global financial assets changed in nature. Last week, we wrote that minor sanctions were a help for asset prices even if the sanctions did not match the level of outrage. The...



Back to the past As noted in our update on Friday, the global political theatre that Putin’s invasion of Ukraine brought about marks a paradigm shift that must not be underestimated, and is probably as defining as the opening up of the Soviet Union under Gorbachev in...

Investors anxious for storms to blow over Another turbulent week in global stock markets on the back of little in terms of new news, but plenty of speculation of what may lie ahead. At the end of last week, real storms disrupted our lives while markets continue to...

Investment climate change Stock markets around the world continued their volatile trading pattern over the past week, although compared with January, trending slightly up rather than down. Bond markets, on the other hand, continued to retreat as yields continued to...

2021 Review  2021 Review - Portfolio Postioning  2022 Outlook 

The Lagarde pivot hits insecure markets We made the case last month that we disagree with the market maxim that “How January goes, so goes the year”, at least for 2022. After a disappointing January for investors (see our January market review), February made a...

Taper Tantrum 2.0 fears rattle markets The unnerving start to the year escalated last week, with many lay observers attributing market volatility to the rising possibility of war between Russia and Ukraine. But, as outlined in the video market update we posted last...



A bumpy road to somewhere It has been an all-action year so far. Global equity markets have been in a downward trend since the end of 2021, led by US stocks. America’s mega-cap tech companies that were so loved throughout the pandemic have taken the biggest hit – with...

Markets caught between hoping and dreading London was a tale of two cities last week: Panic in Whitehall but calm in the City. The scandals seem to keep coming for Boris Johnson, with several Tory MPs openly calling for his resignation. Betting markets now have the...



January déjà vu Although 2021 did not close with another ‘Santa rally’, December – and the year as a whole – generated some pleasing returns for diversified investment portfolios. Compared to 2020 (another strong year in performance terms), equity investors fared...

Christmas tidings of comfort, if not joy Dear readers, this week’s edition will be the final one for 2021 and we look forward to welcoming you back when we next publish on 10 January 2022. Looking back, the year has exceeded some expectations and underdelivered on...