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equity

May 10, 2022

In this week’s FB Roundup, Reetu Gupta is appointed chairwoman of The Gupta Group; Todd Boehly’s syndicate agrees to purchase Chelsea FC for £4.25 billion; and Brazilian billionaire Alberto Safra buys a Sao Paulo real estate firm.

Reetu Gupta appointed chairwoman of The Gupta Group
Reetu Gupta, a two-time recipient of Canada's top 100 most powerful women award, has been named chairwoman and ambassadress of The Gupta Group, taking over the running of the privately owned family office from her father, Dr. Steve Gupta.

May 5, 2022

Globally, inflation is likely to be higher and more volatile. Inflation risk, an absent adversary throughout the careers of most investors today, will need to be priced once again, says Ruffer LLP’s Jamie Dannhauser.

In the late 1970s, the world was on the cusp of radical change. The ‘Deflation Machine’ was being born. Deng Xiaoping, having outmanoeuvred Mao Zedong’s preferred successor, began the process of reforming China’s moribund economy. In the West, liberal, free-market ideals were gaining traction, ideals that underpinned the subsequent regime of rapid, disinflationary global growth.

April 7, 2022

With a family history that has seen fortunes rise and fall on numerous occasions, Maximillian Gehrmann discusses the main reasons why intergenerational wealth is lost.

There’s a very good reason why Maximillian Gehrmann feels an affinity for a famous quote from Germany’s first-ever chancellor Otto von Bismarck: “The first generation earns the money, the second manages the wealth, the third studies history of art, and the fourth degenerates completely.”

April 4, 2022

The Russia-Ukraine war adds to near-term growth risks for the global economy and will likely keep inflation elevated for longer. While uncertainty is high, equity markets are oversold and should recover if tensions ease in the coming months says Russell Investments’ global head of investment strategy Andrew Pease.

The Russia-Ukraine war adds to near-term growth risks for the global economy and will likely keep inflation elevated for longer. While uncertainty is high, equity markets are oversold and should recover if tensions ease in the coming months says Russell Investments’ global head of investment strategy Andrew Pease.


Key market themes

March 17, 2022

Inflation is running hot, even before wage-price pressures have begun says Ruffer LLP economist Jamie Dannhauser.

Inflation is running hot, even before wage-price pressures have begun says Ruffer LLP economist Jamie Dannhauser.

Central bankers tell us the current burst of inflation will be transitory and workers will not mind the temporary squeeze on their living standards.

In today’s full employment economy, this is not convincing. The implied policy response is flawed, potentially even reckless.

March 3, 2022

Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic says Ruffer’s chief investment officer Henry Maxey.

Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic.

“Inflation is the endgame. Just brace for inflation volatility first.”

This was the punchline of my 2021 Ruffer Review article.

December 11, 2021

Family offices in Asia-Pacific are fostering a newly energised enthusiasm for investments in the $1.9 trillion cryptocurrency market, ahead of European and North American counterparts, buoyed by pandemic-defying increases in wealth over the past 12 months.

Family offices in Asia-Pacific are fostering a newly energised enthusiasm for investments in the $1.9 trillion cryptocurrency market, ahead of European and North American counterparts, buoyed by pandemic-defying increases in wealth over the past 12 months.

December 2, 2021

Growth equity is focused on the space between venture capital and traditional private equity. Investments are made often as a large minority stake into companies at earlier stages with proven product/market fit, that are unprofitable or structurally profitable.

Growth equity is focused on the space between venture capital and traditional private equity. Investments are made often as a large minority stake into companies at earlier stages with proven product/market fit, that are unprofitable or structurally profitable.

December 1, 2021

Investors have divided into two camps. Those who believe inflation will subside and the rise in prices will prove temporary. And others who fear we are entering a period of high sustained inflation reminiscent of the 1970s. We consider both scenarios unlikely.

Investors have divided into two camps. Those who believe inflation will subside and the rise in prices will prove temporary. And others who fear we are entering a period of high sustained inflation reminiscent of the 1970s. We consider both scenarios unlikely.

Overlay the bottom chart below and you would be forgiven for believing that we are now on the same trajectory as we were 50 years ago. There are parallels but to assume the economy will meet the same inflationary fate would be a grave mistake for investors.

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