Despite speculation of a V-shaped recovery, we maintain our view that the global economy recovery will be U-shaped. Invest in strong global companies with industry dominance, like Microsoft.
We’re cautiously optimistic about the outlook for equities in 2020, though we think returns will be lower than the outsized gains of 2019, given the higher valuation levels that markets are starting from.
Following LVMH's US$14.5 billion bid for jeweller Tiffany, read Charlie Aitken's recent analysis of the luxury giant from the Switzer Report.
In equities, commodities, bonds and currencies, 2019 has all been about The Fed and Beijing reversing policy. Both have done 180° turns on their 2018 policies.
The airplane manufacturing sector is a classic duopoly between Boeing and Airbus and has an excellent industry structure