On Target Newsletter

On Target is a free, moneycraft newsletter for Martin Spring’s worldwide circle of friends and contacts. 

Latest newsletter editions

On Target 2022.06.25

Earlier this year I cashed in most of my shares – something I haven’t done since I was a young investor. Why? Because I reluctantly concluded that too many things were going wrong with the world economy… In combination they argue for painful recession, perhaps even depression.

Look at the list of negatives…

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On Target 2022.05.14

Russia, having failed to secure the lightning victory it hoped for when invading Ukraine, has redeployed its armies to achieve more limited aims – conquest of the East beyond the Donbas, control of the Black Sea littoral as far as Odesa. But what will Moscow do if it fails – if it seems to be facing defeat in the Ukraine?

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On Target 2022.04.24

Inflation in the major economies is the highest it has been for 40 years, and is still rising. Shortages of fossil fuels driven by “don’t invest” climate mania and spin-off of the Ukraine conflict have sent energy costs sky-high. Interest rates are rising – the yield on ten-year US Treasury bonds has climbed to 2.85 per cent. Technology stocks, long-time investors’ favourites, are under pressure, as are emerging markets. After-effects of the pandemic such as the destruction wrought to major industries linger on, with continuing shutdowns in China.
Yet stock markets on the whole remain remarkably resilient. What’s going on?

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On Target 2022.03.26

First there was the climate change lunacy, which has driven the prices of fossil fuels to new highs. The ironical consequence has been a mad scramble to get more of them – natural gas, oil, even coal. Then came the panic over superflu, combining savage business disruption with a cash-and-credit explosion. Now we have a war in Europe, with international sanctions producing the ejection of Russia, the world’s only full-spectrum commodity superpower, from the global financial system.

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On Target 2022.02.26

Regular portfolio reviews are critical to investment success, especially after big moves in the equity, fixed income and currency markets that can occur from time to time. Unfortunately, many expats never get around to reviewing their portfolios or if they do, don’t approach the process in an organized way that will get results over time. 

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On Target 2022.01.01

My life experience has been that the pessimists are usually wrong. But maybe no longer. I’ve an uneasy feeling that 2022 is going to be a bad year. Three serious potential military crises, any of which could erupt, perhaps simultaneously, constitute the biggest challenge to America and its allies in decades.

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The most read

On Target 2019.05.18

In managing our lives, and in particular our money, we make mistakes because we’re humans, not machines or pieces of code. They’re mistakes rooted in the ways we behave. Increasingly those ways are explained by scientists in the field of what is known as behavioural finance.

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On Target 2019.02.02

Our Diamond Wedding, which Liz and I have just commemorated, got me thinking about what are the factors that make for a happy marriage… in this case for 60 years.

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