DAILY BULLETIN
Friday 25 November 2016 | | | The Personal Assets Trust (LON:PAT) has just released its interim accounts for the six months to the end of October. It is one of the most cautiously positioned investment trusts on the market, yet has an excellent long-term track record, so it is well worth having a close look at the manager's latest update.
Sebastian Lyon of Troy Asset Management has been running the fund since March 2009 with the aim of protecting and increasing (in that order) the value of shareholders' funds per share over the long term. He also has skin in the game as he owns Personal Assets shares worth more than £3m.
Lyon's Investment Advisor's Report makes sobering reading:
"The past six months have seen remarkable financial extremes. UK interest rates have been cut by 0.25% to a 322-year low. 10-year UK gilt yields have reached an all-time low of 0.5%. Sterling's effective exchange rate fell to a 168-year low (according to the Financial Times). Elsewhere, Japanese and German sovereign 10-year bond yields have turned negative as investors buy to lock in capital losses. All is not well with the financial world."
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Tlou Energy has been typical of many of the private-investor favourite stocks which have turned up this year, and generally impressed.
| by Ruzbeh Bacha | Economics | 5 mins. to read
In keeping with the Indian Government's reform agenda, on 8 November Prime Minister Modi announced the immediate withdrawal of Rs. 500 & Rs. 1000 notes, in a move to reduce black money in the system, curb funding of illegal activities and address the problem of counterfeit notes.
| | by Zak Mir | Trading | 1 mins. to read
ASOS (LON:ASC) had first mover advantage in its online retail space, and it looks as though in share price terms we shall be treated to more of the same over coming months.
| | by Victor Hill | Economics | 9 mins. to read
UK public finances are way off course. But, despite the unsympathetic forces of a cynical state ranged against him, one well-meaning bean-counter is trying to survive in extreme adversity.
| | by Vince Stanzione | Trading | 3 mins. to read
We are often told that no one can predict the future, especially in financial markets, and we are also told that the "past does not equal the future".
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"Whatever I engage in, I must push inordinately."
Andrew Carnegie
| | | | MASTER INVESTOR VIDEO EXCLUSIVE | | |
Is your portfolio ready for a 2008-style financial crisis? - Bank valuations already at lowest point since 2008 - a precursor to another blow-up.
- A real risk of Italy leaving the Euro, French insolvency, and Germany writing off huge loans to Southern Europe.
- Disruptive political events, like Brexit or the US election, threaten to throw markets off course.
- Will China's debt bubble finally burst, just when no-one expected it?
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