21st May 2020
Quilter Cheviot: Diary of a Fund Manager – Feedback Loop
In this week’s Diary, a few themes to hold onto during the grand reopening and news from the advertising front line. Also, what captures the attention of virtual audiences and a bit about books.
It was an interesting week despite the lack of clear trends. Equities turned lower, the US dollar and gold were strong at the same time as was oil. Soon to be redeemed US and UK government bond markets teetered on the brink of negative rates. Politics, philosophy and economics clashed in various places whether related to impending elections, US/China trade, Brexit, government and central bank financial support, healthcare or the mechanics of re-opening the world. We may wish for a low infection rate, economic recovery and personal liberty, but as usual we can’t have our ‘cake and eat it’.
Those who analyse economies are starting to sound more confident about their relevance as the restarts take effect. The decline in growth over the last few months has been beyond comprehension, but now evidence of recovery in China is coming through and this can be extrapolated elsewhere.
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