For investors today the oft used words 'living in unprecedented times' ring truer than for many years. The world has suffered its first pandemic in 100 years, the first invasion in Europe in 75 years and the first serious bout of inflation in 40 years. In practical terms, are we seeing the end of the 'Age of Speculation'?
2022 has been the year when markets and central bankers realised current inflationary pressures were likely to persist for longer periods, with labour markets in developed economies tight post the Covid pandemic. Supply chain issues not fully resolved during Covid have seen problems exacerbated by the Ukraine conflict. This has resulted in a difficult start to the year for owners of most financial assets with equities, government bonds and corporate credit all declining in value. 60/40 portfolios have clearly not worked. US Treasuries fell 10% in the first six months of the year with ...
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