It’s likely you’ve heard about “value traps” – low multiple companies that are priced at an ever expanding discount to the market and structurally underperform as fundamentals weaken due to new competition and, in the extreme scenario may even face complete obsolescence.
Almost 15 years to the day of the Bear Stearns collapse, the demise of Silicon Valley Bank marked the largest bank failure since the 2008 financial crisis.
Arguably, investors have never been so focussed on the US Federal Reserve’s next move. Our team is asked about it a lot. Our view – the pivot is coming, but we’re not there yet.
China has been one of the most discussed topics during our meetings with clients and investors over the past few years. And it’s easy to understand why.
Last month we wrote about the battle over energy between Russia and Europe, but Nancy Pelosi’s recent visit to Taiwan has set the US and China on a pathway of competitive escalation.
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