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Update: Stimulus & Austerity

Wednesday, July 27th, 2016

Extract from the June 2016 quarterly report: Although the UK referendum vote to leave the European Union (“Brexit”) has been getting the headlines recently, the UK economy is less than 4% of global GDP. Of far more importance to the medium term outlook for global economic health is the stance of, and balance between, fiscal and monetary […]

Update: Bottom found

Wednesday, May 25th, 2016

Extract from the March 2016 quarterly report: It is quite possible that unjustifiably deflationary global monetary policies have been a major force behind the fall in commodity and share prices, particularly since mid-2014. However a central banks-led reversal appears to have now happened with the MSCI All Countries Metals and Mining Index rising 43% in US$ […]

Update: Central Banks & Deflation

Wednesday, February 3rd, 2016

Extract from the December 2015 quarterly report: The widely expected but largely irrelevant 0.25% increase in the US Federal Open Market Committee (FOMC) target interest rate in December remains a red herring to the proper assessment of US and global US$ liquidity conditions which in our opinion remain dire and accordingly very deflationary. While it could […]

Update: Emerging Markets

Monday, November 2nd, 2015

Extract from the September 2015 quarterly report: The equities of emerging markets slumped by 17.8% in terms of the US dollar as concerns about China’s slowdown and the timing of a US interest rate hike reverberated across the commodities and currencies markets. Commodity prices plunged to multi-year lows on expectations of lower demand from China, whose […]

Update: Greece and the Eurozone

Tuesday, July 28th, 2015

Extract from the June 2015 quarterly report: Greece dominated the headlines for much of the quarter as each new deadline came and went without resolution. Its leaders failed to make a €1.55 billion loan repayment to the International Monetary Fund at the end of June and proposed a modified bailout package that would restructure the […]

Update: Local and emerging markets

Thursday, May 21st, 2015

Extract from the March 2015 quarterly report: In terms of emerging markets, Asian equities led the way in the first quarter of 2015, with soaring stock market gains in China and Russia of 15% and 16.6% respectively. Following a dismal 2014, Russia’s stock market rebound from very low levels was not, however, enough to keep […]

Where is oil headed?

Thursday, March 19th, 2015

David Leslie, a director of Belmont Asset Management, takes a closer look at the headline-grabbing decline in the oil price since mid-2014: David comments, ‘In order to decide whether the oil price (and most other commodity prices) are in an unsustainable price range, we need to consider several important factors. ‘Firstly, very few economists see […]

The Belmont Outreach Project

Monday, December 29th, 2014

At the informal settlement of Jim se Bos in Philippi are more than 100 desperately poor children, ranging in age from 4 to 15. Seung Young Jung, a Korean missionary, has worked tirelessly to create the Hope Link Children’s Library and Garden at Jim’s, where the children are provided with a safe, loving haven and […]

Intergenerational wealth management

Tuesday, December 23rd, 2014

David Leslie, a director of Belmont Asset Management, discusses the importance of intergenerational relationships in wealth management. In any family, there will always be an appropriate time for the financial reins to pass to the next generation. This will differ from family to family, depending on personal circumstances and no two families will share exactly […]

Do Stock Pickers Add Value?

Thursday, June 5th, 2014

  Comments from David Leslie: Leslie comments, ‘For years there has been a debate about whether or not stock picking adds value or whether index tracking ultimately delivers superior performance. ‘Let me take a step back and explain fully what a bespoke portfolio manager actually does, because it amounts to far more than just stock […]

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