After so many years of rock bottom rates, fixed income investing is back in vogue. It took a pandemic, extraordinary fiscal policies, and of course inflation – but income is back. Depending on where you look central banks are accused
After a decade of dominance by growth stocks, value stocks came back with a vengeance last year: The MSCI World Value Index outperformed its growth counterpart by more than 20 percentage points. This does not necessarily mean that value investing
Used vehicle prices are still well above normal after declining 14.9% in 2022 following nearly two years of unprecedented levels, according to the Manheim Used Vehicle Value Index (exhibit 1). Supply chain issues stemming from the pandemic, while now easing,
As the overall investment environment remains uncertain and the attractiveness of major asset classes is challenged, we believe it is appropriate to focus on currencies as a potential source of return and risk diversification for a portfolio. Indeed, FX has
The February inflation data vindicates the European Central Bank (ECB) hawks. We remain however concerned with the “financial channel”: the January batch for loans confirms the credit impulse in deeply negative. We look at Sweden and the UK as “canaries
