Belmont Asset Management, founded in 1994, is a Cape Town based wealth management company that provides a specialist investment management service to high net worth private clients, both offshore and onshore.

Our business philosophy hinges on the belief that no two clients are alike. Each has specific requirements and your bespoke portfolio is tailored to meet these. We will take the time to understand your risk profile, your income needs and your long-term investment goals. Our service is personal and your portfolio manager will always be available to discuss your investments with you. Above all, we guarantee you integrity, security and transparency in all your dealings with us. Our income is generated by fees, not commissions.

Update: Tighten Up

Extract from the September 2018 quarterly report:

Equity prices have recently experienced sharp corrections amidst concerns that the US Fed may pick up the pace of its interest rate hikes. Quoting Donald Trump: “I really disagree with what the Fed is doing. I think the Fed is making a mistake. They’re so tight. I think the Fed has gone crazy.” So is he right? “Crazy” might be too strong a word but there is no doubt that since Q1 2018 the Fed has been tightening monetary policy by selling securities such as Treasury Bills (TB’s) which takes liquidity out of the financial system (chart 1). One could even make a case that monetary policy has been tightening since quantitative easing (QE) ended in 2014. As the Chinese proverb says, “When there is no gain the loss is obvious!”. In any event by their own admission the Fed is no longer accommodative.

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