The last decade has been a rollercoaster ride for investors in the oil and gas industry. Just under ten years ago, the oil price peaked at $158 per barrel before falling sharply to trade at less than one-third of that level. A recovery in the period 2009-2014 was undone by a glut of supply. This…
In 2017 global emerging markets stocks and currencies posted their best return since 2009. And even after this robust performance emerging markets continue to offer attractive investment opportunities as economic growth outpaces the developed world in 2018 (4.9% vs 3.3% forecast growth this year (Shroders)), current account deficits improve, political volatility moderates and structural reforms…
It may sound strange to talk about housebuilders such as Barratt (LON:BDEV) and Bellway (LON:BWY) as turnaround opportunities. After all, the two stocks are up 136% and 163% respectively in the last five years. However, in the last month their shares are 11%+ lower after the government announced potential plans to crack down on land…
For many dividend investors, the demise of Carillion was a disaster. Not only did their portfolios lose an important source of income, they also saw a permanent loss of capital. It’s easy to see what went wrong with hindsight, and in the August 2017 issue of Master Investor I wrote about some of the key…
This week has been dominated by falls in share prices across the globe caused by raised inflation expectations. It would be unsurprising for there to be more volatility as investors continue to adjust their forecasts for inflation. With Donald Trump’s tax and spending policies yet to have their full impact, coming to terms with higher…
The UK property sector has experienced a mixed couple of years. The EU referendum seems to have caused investor confidence in the sector to decline, with the outlook for the UK economy now being less certain than it was previously. Property prices could come under pressure in the near term. However, the valuations of these…
While a number of UK-focused stocks may be struggling due to the uncertainties created by Brexit, not all global stocks are performing well, either. In general, their valuations may have benefited from weaker sterling since the EU referendum, as well as continued strong economic growth in the developing and developed world. However, there remain a…
British banks like Barclays have destroyed shareholder value like no one else in recent years. Now they face the risk of Brexit. So why are the big boys piling in? Always follow the money… When a massive $24 billion New York hedge fund like Tiger Global takes a 2.5 percent stake in Britain’s oldest high…
In the January 2016 edition of Master Investor Magazine I penned an article entitled 2016: The year of living dangerously. That was the year of the Brexit referendum and the triumph of Mr Trump. Populism appeared to be rampant and the Eurozone was under severe strain. But Europe did not fall to the populists. It…
In the global airframe manufacturing duopoly that is Airbus versus Boeing, the balance of advantage has unexpectedly shifted towards Boeing. But maybe they should both be worried about SpaceX. Airbus saves Bombardier On 06 November last year I wrote in these pages that the October deal between Airbus (EPA:AIR) and Bombardier (TSE:BBD) whereby Airbus would…
