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?

Continue ReadingOn Target 2022.04.24

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.

Continue ReadingOn Target 2022.03.26

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. 

Continue ReadingOn Target 2022.02.26

On Target 2021.09.11

Retirement is a dangerous time. Much of your income is completely out of your control, determined by the state (your statutory pension), or by the contractual terms of your private pension. If things go very wrong because of huge unexpected expense such as medical, family crisis (you need to support a son or daughter), or a financial disaster, you’re very unlikely to be able to rebuild lost capital.

Continue ReadingOn Target 2021.09.11