Latest News from Tatton Investment Management: Bank stress testing - live

17 March 2023

Unease about the state of markets had been palpable since more or less the beginning of the year, as noted repeatedly on these pages over the past months. Following the run on Silicon Valley Bank (SVB) last week, financial system fear spread around western markets and the smell of bank stress last experienced during the 2008/2009 Global Financial Crisis (GFC) had some market veterans experiencing a bout of post-traumatic stress disorder (PTSD). However, it seems to us that banks have simply become the unfortunate focal point of market unease and are now experiencing a similar roller-coaster ride as felt by so many other sectors since the COVID pandemic disrupted every aspect of life.

Returning to the focus of this week, when interest rates and yields, (i.e., the cost of finance) rises so quickly – and after such a prolonged period of ultra-low levels – as it has over the past year, then something is inevitably likely to break at some point. Not that that’s what central banks intended, but using rate hikes as an emergency brake to slow down the economy inevitably carries the risk of collateral damage. 

As it turns out, the stress originated in what had run ‘hottest’ during the recent boom – the  tech sector, healthcare sector and crypto currencies. The failure of SVB, which kicked-off this week’s market stress and stock market downdraft, became the first sizeable victim of the yield rise-induced economic downturn, but it is its close affiliation with tech, healthcare and crypto that is notable. After seeing a near tripling of money deposited by start-up companies and their affiliates during the good times (namely the 2020/2021 tech and healthcare boom), those deposits were heavily  drawn on recently when those same companies required funds to bridge the financial strains of these distinctively more challenging times.

But different to the reckless lending that led to the 2008/2009 crisis, SVB had stashed its client deposits away in what most investors until last year would have known as the lowest-risk investment available, a portfolio of government bonds. Just as private investors found out, when yields suddenly rise very significantly such holdings with historically low yield coupons can lose substantial value, if marked-to-market rather than held until maturity. When the drawing on their deposits accelerated because of the need to also wind-down its crypto bank specialist Silvergate Capital, SVB’s management’s decision to raise more liquidity by liquidating their government bond holdings at a loss and raising new equity was interpreted by their deposit holders as a sign of weakness, rather than determination to repair their mistake of misjudging possible yield rise scenarios. What ensued was a classic bank run as all trust was lost – a scenario that no bank can ultimately withstand.

The nervousness of market participants over recently elevated stock and bond valuations, therefore found its focal point and so the stock index of the aggregate global bank sector had a very bad week, taking away a substantial part of the sector’s rally of last year that had been fuelled by the better margin prospects for banks from higher rates.

Taking into account how much better capitalised banks are today when compared to the run up to the GFC, they seemed an unlikely target and victim this time, but it turns out the trust had never been fully rebuilt. Given SVB was an outlier with its losses from its long maturity government bonds wiping out its equity base, it was right that central banks stepped in to stop the self-enforcing avalanche of mistrust. That stock markets continued their highly volatile trading into the latter part of the week goes to show that once confidence is dented investor are more open to consider that there is more than a ‘steady as she goes’ scenario possible this year.

Diving into the wider repercussions and likely medium-term effects of this week’s banking crisis, with the effective demise of three US banks, we observe that the NASDAQ composite share index of US tech and growth companies traded within a whisker of the 20-day high at the opening of Friday’s US markets. Other markets have not been so buoyant, but it is fair to say that we close the week with a sense that the height of this crisis lies behind us. Tech indices do not tell the whole story. Companies that have fared well this week are those that benefit most from the fall in bond long-term yields, which corrected sharply last week. Large caps such as Amazon have done very well; at the end of Thursday’s trading it was up over 6% for March.

The chart below shows the large cap Russell 1000 index’s total return as a ratio of the smaller cap Russell 2000. While 2022 saw large caps lose out against smaller rivals by about 10%, that dynamic has reversed almost entirely in just over a week. In the general scheme of things, the move is not unparalleled, but it is still significant. The Russell 2000 has a lot of early-stage highly valued companies of the type that would have banked at SVB.
 


A similar situation has occurred in Europe, although large cap firms had a worse time in the period before the pandemic.  

The lesson from the past few days is that the pain caused by the rises in rates is hitting small and micro-cap firms particularly hard, even if they are strictly speaking growth stocks whose valuations would otherwise benefit. There is other evidence, such as employment rates. According to US employment agency ADP, firms with 1-19 employees have been cutting jobs this year despite the generally improving employment situation. Firms of this size employ in aggregate almost the same number of people as firms with 250-500 employees. This means that both these groups are larger employers than either larger or other mid-size firms. In Europe and the UK, a similar situation persists. 

The rescue of SVB depositors was welcome, of course, from a financial stability point of view, but it does not help at one level. SVB went to the wall because its depositors were having to take their reserves out in order to keep going. That situation is not likely to have improved, it is just they will not reach the end of their reserves right now because of a bank failure.

But we should be heartened that this week proved central banks are reactive to issues of financial instability. The centre of the storm moved to Europe and particularly Switzerland as Credit Suisse came under pressure. We touch on this in the article below. (The European Central Bank (ECB) still raised rates by 0.5% on Thursday as it had promised at its previous meeting, but President Christine Lagarde was notably reticent about offering any further indications of rate moves).

Credit Suisse has underlying issues of years past – under different management - that are completely different in nature to those of the US banks. The Greensill and Archegos debacles of early 2021 showed it had consistently displayed a conspicuous lack of risk control and oversight. But Credit Suisse is still a major counterparty with just about every major bank across the world (although less so than two years ago). Despite its problems differing from those of the US small banks, the problems end up creating the same reaction: depositors and clients look for new bankers which then multiplies the restrictions on the bank they leave with its ongoing business, unless some willing funder is found to replace the depositors. The swift actions of the Swiss National Bank (SNB) were welcome, particularly for the other counterparty banks. 

Yet banks did not bounce noticeably, despite the early central bank support. We think this links back to the first point. Small firms are the mainstay of banks’ lending books, having lost larger firms that have shifted to raising their own debt in market-based borrowing or to private credit (fund) lenders. Banks, which up until the start of March were celebrating the improvement in the margin between taking deposits and lending (net interest margin) on the back of higher rates and yields, are suddenly faced with the flipside of the same rate rises, namely having to tighten lending to their already stressed borrowers – a recipe for an increase in non-performing loans.

To top it all off, the market is now pricing a strong likelihood that March will see an end to all the rate rises in the Western world, and that rates could be cut everywhere by year-end. Net interest margin will be on its way down again.

As mentioned, the ECB raised its deposit rate to 3.0%, in the first of the round of March central bank meetings. Next week, the Federal Reserve (Fed) and the Bank of England (BoE) meet. Despite the turmoil, markets on balance expect a 0.25% move from both. We have revised our views as well and see a 0.25% move in the US where data remains strong enough to justify it, but that the UK will not move. So, for the shorter term it appears that central banks’ objective to tighten financial condition to bring down inflation has suddenly been significantly accelerated through market action. 

On the inflation side, this week’s Spring Budget in the UK surprised some with the forecast of a 2.9% year-on-year inflation rate before 2024. In fact, inflation is already running well below that level on an annualised monthly basis. The NHS pay award could not have been achieved without a general acceptance from the workforce that inflation was no longer out of control, and that will be a strong softening signal to the BoE Monetary Policy Committee’s concerns about potential wage-price spirals.

In conclusion to this thoroughly unpleasant week for investors, we would observe that the trend of overshoots that started with the onset of the COVID pandemic continues. It started with too severe restrictions of movement (only clear with the benefit of hindsight), carried on with too much fiscal support for what turned out to be more like a natural disaster economic impact rather than global depression and carried on into a tech and crypto sector boom and ‘Roaring Twenties’ talk, before inflation and energy prices completely overshot.

However, ever-new overshoots, as unnerving as they are, appear to gradually bring down the prospect of out-of-control inflation and thereby forever rising interest rates. This week’s events may have dented recent improvements in consumer and business sentiment, but they have also brought down the prospect for higher inflation and thereby central banks’ tightening action through ever-higher rates. The risk of recession has perhaps not significantly increased as softening sentiment and tighter lending standards seem to be balanced by lower yields and the prospect of an end to rate rises.

News Archive

26 May 2023

Latest News from Tatton Investment Management: Debt ceiling angst or simply lack of good news

19 May 2023

Latest News from Tatton Investment Management:Big tech stocks increase is 'artificial'

12 May 2023

Latest News from Tatton Investment Management: Central bank policy gamble?

5 May 2023

Latest News from Tatton Investment Management: A small predicament

28 April 2023

Latest News from Tatton Investment Management: Inflation running out of money

21 April 2023

Latest News from Tatton Investment Management: Prospects of a warm spring

14 April 2023

Latest News from Tatton Investment Management: Return of calm bodes well for Spring

6 April 2023

Latest News from Tatton Investment Management: Spring of hope following winter of doom?

31 March 2023

Latest News from Tatton Investment Management: Markets put bank stress behind, but challenges remain

24 March 2023

Latest News from Tatton Investment Management: Swiss parochialism backfires

17 March 2023

Latest News from Tatton Investment Management: Bank stress testing - live

10 March 2023

Latest News from Tatton Investment Management: Market wrestling

3 March 2023

Latest News from Tatton Investment Management: Mood swings

24 February 2023

Latest News from Tatton Investment Management: Balancing acts

17 February 2023

Latest News from Tatton Investment Management: A dose of realism creeps in

3 February 2023

Latest News from Tatton Investment Management: A good month is not a strong year but it helps

27 January 2023

Latest News from Tatton Investment Management: Goldilocks in the air

20 January 2023

Latest News from Tatton Investment Management: Slowing growth throws markets into a bind

13 January 2023

Latest News from Tatton Investment Management: Football fever saves UK from recession

6 January 2023

Latest News from Tatton Investment Management: January surprises

16 December 2022

Latest News from Tatton Investment Management: Central bank Scrooges cancel Santa rally

9 December 2022

Latest News from Tatton Investment Management: Fed up before Christmas

2 December 2022

Latest News from Tatton Investment Management - Not so bad? Almost good

25 November 2022

Latest News from Tatton Investment Management: Markets give thanks

18 November 2022

Latest News from Tatton Investment Management: Plugging the holes

11 November 2022

Latest News from Tatton Investment Management: Signs of peak inflation emboldens markets

4 November 2022

Latest News from Tatton Investment Management: Diverging paths accompanied by seasonally scary messa

28 October 2022

Latest News from Tatton Investment Management: US slows, Europes winter outlook improves, UK back t

21 October 2022

Latest News from Tatton Investment Management: The UK and beyond

14 October 2022

Latest News from Tatton Investment Management: Change in the air

7 October 2022

Latest News from Tatton Investment Management: Reading the runes of this week's market bounce

30 September 2022

News from Tatton Investment Management: Loss of trust

23 September 2022

News from Tatton Investment Management: Competing policy measures leave markets worried

16 September 2022

News from Tatton Investment Management: The Fed at work and China snubs Putin

2 September 2022

News from Tatton Investment Management: Waiting for policy action

26 August 2022

News from Tatton Investment Management: Delicate equilibrium

19 August 2022

News from Tatton Investment Management: Will a new PM be good news for investors?

12 August 2022

News from Tatton Investment Management: Fear of missing out

5 August 2022

News from Tatton Investment Management: Markets bet on a perfect landing

29 July 2022

News from Tatton Investment Management: Positive returns amidst negative sentiment

22 July 2022

News from Tatton Investment Management: Economy weakens but central banks persevere

15 July 2022

News from Tatton Investment Management: Too hot, too cold

8 July 2022

News from Tatton Investment Management: Markets not reflecting public fear

4 July 2022

News from Tatton Investment Management: Energy price shock turns into central bank focal point

24 June 2022

News from Tatton Investment Management: Public sentiment vs economic realities

17 June 2022

News from Tatton Investment Management: Linchpin oil price

10 June 2022

News from Tatton Investment Management: Reading between the lines

3 June 2022

News from Tatton Investment Management: Rollercoaster for the Jubilee funfair

27 May 2022

News from Tatton Investment Management: As recession talk subsides, inflation pressures increase

23 May 2022

News from Tatton Investment Management: Talking recession to fight inflation

13 May 2022

News from Tatton Investment Management: Bear market fear as another tech bubble deflates

9 May 2022

News from Tatton Investment Management: Market noise is almost deafening

29 April 2022

News from Tatton Investment Management: Range bound markets - despite the drama

22 April 2022

News from Tatton Investment Management: Finely balanced

14 April 2022

News from Tatton Investment Management: Easter review and outlook

8 April 2022

News from Tatton Investment Management: Q2 begins with QT top of the agenda

1 April 2022

News from Tatton Investment Management: A week of relative calm - and no April fool

25 March 2022

News from Tatton Investment Management: Better news is not always good news

22 March 2022

News from Tatton Investment Management: Changing tides

11 March 2022

News from Tatton Investment Management: Positioning for the energy price shock

4 March 2022

News from Tatton Investment Management: A double edged sword

25 February 2022

News from Tatton Investment Management: Back to the past

18 February 2022

News from Tatton Investment Management: Investors anxious for storms to blow over

11 February 2022

News from Tatton Investment Management: Investment climate change

4 February 2022

News from Tatton Investment Management: The Lagarde pivot hits insecure markets

28 January 2022

News from Tatton Investment Management: Taper Tantrum 2.0 fears rattle markets

21 January 2022

News from Tatton Investment Management: A bumpy road to somewhere

14 January 2022

News from Tatton Investment Management: Markets caught between hoping and dreading

10 January 2022

News from Tatton Investment Management: January dj vu

20 December 2021

News from Tatton Investment Management: Christmas tidings of comfort, if not joy

10 December 2021

News from Tatton Investment Management: Plan B or not Plan B? That is the question

3 December 2021

News from Tatton Investment Management: The pre-Christmas quiz that not many want to play

29 November 2021

News from Tatton Investment Management: New COVID variant flattens 'Black Friday' feeling

19 November 2021

News from Tatton Investment Management: Dollar strength and divergence caps a dull week for investor

12 November 2021

News from Tatton Investment Management: Central banks struggle with messaging

5 November 2021

News from Tatton Investment Management: No tantrum over this taper

29 October 2021

News from Tatton Investment Management: Bond markets give central bankers a telling off

22 October 2021

News from Tatton Investment Management: Confused or determined central bankers?

18 October 2021

News from Tatton Investment Management: Have we passed the peak of supply disruption?

8 October 2021

News from Tatton Investment Management: Economy hits an air pocket

1 October 2021

News from Tatton Investment Management: Rising yields are back

24 September 2021

News from Tatton Investment Management: Wall of worry time

17 September 2021

News from Tatton Investment Management: End of the re-opening honeymoon

10 September 2021

News from Tatton Investment Management: Paying for it - major economies ponder their balance sheets

3 September 2021

New article from Tatton Investment Management: Politics and policy sit at the head of the table

27 August 2021

New article from Tatton Investment Management: Fed tapering: the 'how' matters more than 'when'

20 August 2021

New article from Tatton Investment Management: Markets hit a bit of to and fro

16 August 2021

New article from Tatton Investment Management: Climbing the wall of worry - again

11 August 2021

Midas Share Tips: The Daily Mail views onTatton Asset Management

6 August 2021

New article from Tatton Investment Management: Mega techs under the cosh

30 July 2021

New article from Tatton Investment Management: Summer lull as markets go through the motions

23 July 2021

New article from Tatton Investment Management: Markets wake up to living with the virus

16 July 2021

New article from Tatton Investment Management: Earnings vs Delta

12 July 2021

New article from Tatton Investment Management: Don't look down

2 July 2021

New article from Tatton Investment Management:Transition uncertainties

25 June 2021

New article from Tatton Investment Management: Moderating expectations

18 June 2021

New article from Tatton Investment Management: Investors try to make sense of the Feds 'dot-plot'

11 June 2021

New article from Tatton Investment Management: Hazy as Carbis Bay

4 June 2021

New article from Tatton Investment Management: Going up sideways

1 June 2021

New article from Tatton Investment Management: Going up sideways

28 May 2021

New article from Tatton Investment Management: Touch of Goldilocks at the end of May

21 May 2021

New article from Tatton Investment Management: Market resilience in face of Bitcoin crash

14 May 2021

New article from Tatton Investment Management: Market vertigo galore

10 May 2021

New article from Tatton Investment Management: Sell in May and go away?

30 April 2021

New article from Tatton Investment Management: Doubling of earnings leaves markets cold

26 April 2021

New article from Tatton Investment Management: Doubling of earnings leaves markets cold

23 April 2021

New article from Tatton Investment Management: 'Risk on' pauses while the real world keeps accelerat

19 April 2021

New article from Tatton Investment Management: New bond news gives green light for equity investors

9 April 2021

New article from Tatton Investment Management: Bond markets signal economic optimism

1 April 2021

New article from Tatton Investment Management: The first quarter of 2021 was no April fool

26 March 2021

New article from Tatton Investment Management: The world is moving on from the pandemic

19 March 2021

New article from Tatton Investment Management: Tug of war - bonds vs. equities

12 March 2021

New article from Tatton Investment Management: Recalibrations

5 March 2021

New article from Tatton Investment Management: Stock markets find they cannot have it both ways

26 February 2021

New article from Tatton Investment Management: Earnings look set to stabilise wobbling markets

19 February 2021

New article from Tatton Investment Management: One year on - who would have thought

12 February 2021

New article from Tatton Investment Management: No UK double dip, but much talk of bubbles

5 February 2021

New article from Tatton Investment Management: Calming of nerves

1 February 2021

New article from Tatton Investment Management: A fraying of nerves

25 January 2021

New article from Tatton Investment Management: A sigh of relief

15 January 2021

New article from Tatton Investment Management: Fiscal turbo replaces lame duck Trump

8 January 2021

New article from Tatton Investment Management: End points and new beginnings

18 December 2020

New article from Tatton Investment Management: Goodbye to all that

14 December 2020

New article from Tatton Investment Management: Outlook 2021 - no deal Brexit?

4 December 2020

New article from Tatton Investment Management: December concerns over baubles and bubbles

27 November 2020

New article from Tatton Investment Management: Fiscal floundering

20 November 2020

New article from Tatton Investment Management: More tunnel before the light

18 November 2020

Interim Results For The Six Month Period Ended 30 September 2020

13 November 2020

New article from Tatton Investment Management: Change is in the air

6 November 2020

New article from Tatton Investment Management: Looking beyond the obvious

4 November 2020

New article from Tatton Investment Management: US Election Update

2 November 2020

New video from Tatton Investment Management: US election, the response to the pandemic and Brexit

30 October 2020

New article from Tatton Investment Management: Unsettled week ahead - or behind

26 October 2020

New article from Tatton Investment Management: Sunlit uplands or COVID gorge?

21 October 2020

New article from Tatton Investment Management: Sunlit uplands or COVID gorge?

19 October 2020

New article from Tatton Investment Management: Watching and waiting

12 October 2020

New article from Tatton Investment Management: Baffling market optimism

2 October 2020

New article from Tatton Investment Management: A question of time horizons

25 September 2020

New article from Tatton Investment Management: A recovery on hold

18 September 2020

New article from Tatton Investment Management: Taking a step back to look forward

14 September 2020

New article from Tatton Investment Management: Frictions and contradictions

7 September 2020

New article from Tatton Investment Management: Market dynamic of a K-shaped recovery

1 September 2020

New article from Tatton Investment Management: Big tech gets bigger while the Fed takes the easy opt

24 August 2020

New article from Tatton Investment Management: Fed leaves bond investors with that sinking feeling

17 August 2020

New article from Tatton Investment Management: COVID II the sequel - as scary as the original?

10 August 2020

New article from Tatton Investment Management: July brings consolidation

2 August 2020

New article from Tatton Investment Management: Sunshine and shadows

27 July 2020

New article from Tatton Investment Management: PPE = Politics, Pressure and Economics

20 July 2020

New article from Tatton Investment Management: Discomfort of disappearing safety nets

13 July 2020

New article from Tatton Investment Management: Fast and freewheeling

3 July 2020

New article from Tatton Investment Management: H1 2020 offers meaningful lessons

29 June 2020

New article from Tatton Investment Management: Support balances increasing strains - for how long?

22 June 2020

New article from Tatton Investment Management: Equity valuations follow bond valuations' lead

15 June 2020

New article from Tatton Investment Management: Stock markets suffer altitude sickness

8 June 2020

New article from Tatton Investment Management: Markets are enjoying an uncomfortably benign pandemic

1 June 2020

New article from Tatton Investment Management: Optimistic markets despite second wave lockdown threa

26 May 2020

New article from Tatton Investment Management: Just as the sun comes out, clouds appear in the East

22 May 2020

New video from Tatton Investment Management

18 May 2020

New article from Tatton Investment Management: Us-China cold war: Threat or blessing?

11 May 2020

New article from Tatton Investment Management: Most welcome, if feeble, signs of pulling together

4 May 2020

New article from Tatton Investment Management: Opening-up will be slower than locking down

27 April 2020

New article from Tatton Investment Management: V or U-shaped recovery scenarios - the jury is out

20 April 2020

New article from Tatton Investment Management: Lifting lockdown remains a delicate balancing act

20 April 2020

New video from Tatton Investment Management: Stock markets between hope and despair

15 April 2020

New video from Tatton Investment Management: Is now the time to invest?

13 April 2020

New article from Tatton Investment Management: Fading threat of financial crisis re-opens old divide

6 April 2020

New article from Tatton Investment Management: Unprecedented quarter or calm before the storm?

30 March 2020

New article from Tatton Investment Management: Extraordinary: bear and bull market all in one

24 March 2020

New video from Tatton Investment Management: Why have stock markets appeared to rally on the lock-do

23 March 2020

New article from Tatton Investment Management: Government ordered recession

19 March 2020

New video from Tatton Investment Management: Confusion reigns in Capital Markets

18 March 2020

New article from Tatton Investment Management: Why aren't you doing something?

17 March 2020

New video from Tatton Investment Management: From euphoric recovery to depressed tumble

16 March 2020

New article from Tatton Investment Management: Notes on a crash: the short, the medium and long term

13 March 2020

New video from Tatton Investment Management: Panic equity selling or panic raising of precautionar

12 March 2020

New article from Tatton Investment Management: Forced sellers and other distractions

9 March 2020

New article from Tatton Investment Management: Dark times or glimpse of light at the end of the tunn

6 March 2020

New article from Tatton Investment Management: News of a reverse oil price shock rattles markets bey

2 March 2020

New article from Tatton Investment Management: Coronavirus - hitting too close to home

28 February 2020

New article from Tatton Investment Management: This week's market correction requires perspective

26 February 2020

New article from Tatton Investment Management: COVID-19 and the reaction of markets to pandemic fear

24 February 2020

New article from Tatton Investment Management: US markets hit new all-time highs and a 'bump'

17 February 2020

New article from Tatton Investment Management: V-shaped recovery for Valentine

10 February 2020

New article from Tatton Investment Management: Markets show no fear - should they?

3 February 2020

New article from Tatton Investment Management: Looking through the noise of the week

27 January 2020

New article from Tatton Investment Management: Short break to Goldilocks?

20 January 2020

New article from Tatton Investment Management: Parallels and differences to January 2018

14 January 2020

Appointment of Joint Broker

13 January 2020

New article from Tatton Investment Management: So far so good

8 January 2020

Tatton: Woodford & M&G suspensions have driven IFAs to us

6 January 2020

New article from Tatton Investment Management: 2020 starts with a Trump card

23 December 2019

New article from Tatton Investment Management: Goodbye 2019 - welcome 2020 and a new decade!

16 December 2019

New article from Tatton Investment Management: Brightening horizons - 2020 Outlook

8 December 2019

New article from Tatton Investment Management: Can Trump derail the 2020 economic upturn?

2 December 2019

New article from Tatton Investment Management: Markets are driving the markets

25 November 2019

New article from Tatton Investment Management: Markets pause for reality check

18 November 2019

New article from Tatton Investment Management: Swilling cash eases the market mood music

11 November 2019

New article from Tatton Investment Management: Recession concerns retreat

11 November 2019

Interim Results for the six months ended 30 September 2019

4 November 2019

New article from Tatton Investment Management: Crucial October period safely behind

28 October 2019

New article from Tatton Investment Management: Slowly turning

21 October 2019

New article from Tatton Investment Management: Brexit breakthrough versus Brexit fatigue

17 October 2019

Trading Statement

17 October 2019

Acquisition of Sinfonia Asset Management Limited (SAM)

14 October 2019

New article from Tatton Investment Management: Market sentiment rebound

7 October 2019

New article from Tatton Investment Management: Stall speed economy fears spreading

30 September 2019

New article from Tatton Investment Management: Ominous US-Dollar strength

23 September 2019

New article from Tatton Investment Management: Diverging economic trends - catalyst for trade war re

16 September 2019

New article from Tatton Investment Management: Market sentiment rebound

9 September 2019

New article from Tatton Investment Management: Choppy water but no storm, yet...

2 September 2019

New article from Tatton Investment Management: Fattening 'tails'

27 August 2019

New article from Tatton Investment Management: Populism politics reversing austerity?

19 August 2019

New article from Tatton Investment Management: Market spat between bond and equity markets

11 August 2019

New article from Tatton Investment Management: Bond markets unnerve equity markets - again

5 August 2019

New article from Tatton Investment Management: The Elephant and the Little Old Lady

29 July 2019

New article from Tatton Investment Management: The quick and the not-so-quick

22 July 2019

New article from Tatton Investment Management: ...'Twere well it were done quickly

15 July 2019

New article from Tatton Investment Management: Positioning for a summer of wait and see

8 July 2019

New article from Tatton Investment Management: Liquidity drives stock markets to new highs

1 July 2019

New article from Tatton Investment Management: The middle of the year - a tipping point?

24 June 2019

New article from Tatton Investment Management: Battle of the ‘doves’

17 June 2019

New article from Tatton Investment Management: Mixed messages

10 June 2019

New article from Tatton Investment Management: The return of the central bank put?

3 June 2019

Appointment by Tenet Group

3 June 2019

Appointment by Frenkel Topping

3 June 2019

Preliminary Results For the year ended 31 March 2019

3 June 2019

New article from Tatton Investment Management: Bond rally musings

27 May 2019

New article from Tatton Investment Management: It is getting warmer

20 May 2019

New article from Tatton Investment Management: Market support for Trump or unwarranted equanimity?

13 May 2019

New article from Tatton Investment Management: Geopolitics re-enter market stage

7 May 2019

New article from Tatton Investment Management: Central banks disappoint expectations

29 April 2019

New article from Tatton Investment Management: Waning market stimuli put stock markets on notice

23 April 2019

New article from Tatton Investment Management: Spring time from here?

16 April 2019

Trading Statement for 12 months ending 31 March 2019

15 April 2019

New article from Tatton Investment Management: Brexit in-limbo aside sentiment is improving

8 April 2019

New article from Tatton Investment Management: Happy 10th birthday, choppy bull market

1 April 2019

New article from Tatton Investment Management:29 March 2019 – quarter end

25 March 2019

New article from Tatton Investment Management: Brinkmanship and extensions

18 March 2019

New article from Tatton Investment Management: Bits & Pieces

11 March 2019

New article from Tatton Investment Management: ECB stimulus U-turn leaves markets unimpressed

4 March 2019

New article from Tatton Investment Management: £-Sterling ‘applauds’ prospect of Brexit delay

25 February 2019

New article from Tatton Investment Management: Progress?

18 February 2019

New article from Tatton Investment Management: Investment perspectives for different Brexit outcomes

15 November 2018

Interim Results for the six months ended 30 September 2018

15 October 2018

New article from Tatton Investment Management: Autopsy of a stock market sell-off

1 October 2018

New article from Tatton Investment Management: Poor politics containing bond market risks?

27 September 2018

New article from Tatton Investment Management: Brexit clamour vs. real market new

7 September 2018

New article from Tatton Investment Management: Interesting times ahead

31 August 2018

New article from Tatton Investment Management: “Not the end of the world”

24 August 2018

New article from Tatton Investment Management: Steady markets vs. noisy politics

17 August 2018

New article from Tatton Investment Management: Political strongman tactics come home to roost

10 August 2018

New article from Tatton Investment Management: Summer heat wave makes way for return of political he

3 August 2018

New article from Tatton Investment Management: A gentle deceleration?

27 July 2018

New article from Tatton Investment Management: Hot air for a hot summer?

20 July 2018

New article from Tatton Investment Management:Earnings are growing, why worry?

13 July 2018

New article from Tatton Investment Management: Hard Brexit demonstration potential?

6 July 2018

Notice of Annual General Meeting

6 July 2018

New article from Tatton Investment Management: It is getting hot

29 June 2018

New article from Tatton Investment Management: Digesting or consolidating?

27 June 2018

Preliminary Results for the year ended 31 March 2018

22 June 2018

New article from Tatton Investment Management: Fragile recovery

15 June 2018

New article from Tatton Investment Management: No surprises

8 June 2018

New article from Tatton Investment Management: Delicate equilibrium

1 June 2018

New article from Tatton Investment Management: Ignore politics at your peril

25 May 2018

New article from Tatton Investment Management: GDPR? No - far more interesting news!

18 May 2018

New article from Tatton Investment Management: What's the economic reality of this week's news?

11 May 2018

New article from Tatton Investment Management: Batten-down-the-hatches?

4 May 2018

New article from Tatton Investment Management: Past the peak?

27 April 2018

New article from Tatton Investment Management: Confusing signals?

20 April 2018

New article from Tatton Investment Management: A mixture of messages

6 April 2018

New article from Tatton Investment Management: Could do better

6 April 2018

New article from Tatton Investment Management: Peaking, plateauing or dimming – and how about that

29 March 2018

New article from Tatton Investment Management: End of a stormy quarter

23 March 2018

New article from Tatton Investment Management: Now we know it's risky!

16 March 2018

New article from Tatton Investment Management: Back to Normal?

9 March 2018

New article from Tatton Investment Management: Tariffs to growth

2 March 2018

New article from Tatton Investment Management: Time to take some profits

23 February 2018

New article from Tatton Investment Management: Change of direction or gradual normalisation?

16 February 2018

New article from Tatton Investment Management: Breathing easier for the moment

9 February 2018

New article from Tatton Investment Management: Meteoric stock markets crash bac

6 February 2018

Tatton Investment Management's Stock Market Correction Assessment

2 February 2018

New article from Tatton Investment Management: Good news turns bad news - again!

26 January 2018

New article from Tatton Investment Management: Surprises

19 January 2018

New article from Tatton Investment Management: US$ weakness versus Bitcoin and Carillion

12 January 2018

New article from Tatton Investment Management: Bullish sentiment rings alarm bells

5 January 2018

New article from Tatton Investment Management: Encouraging kick-off

15 December 2017

New article from Tatton Investment Management: 2017 - taking stock

8 December 2017

New article from Tatton Investment Management: Progress versus Bitcoin

5 December 2017

Interim results for the six months ended 30 September 2017

1 December 2017

New article from Tatton Investment Management: Sudden, but not entirely unexpected

24 November 2017

New article from Tatton Investment Management: Invincible markets?

17 November 2017

New article from Tatton Investment Management: Yield-curve flattening: a bad omen?

10 November 2017

New article from Tatton Investment Management: Nervous investors herald more volatile markets

3 November 2017

New article from Tatton Investment Management: UK rate rise: ‘one and done’ or beginning of rate

27 October 2017

New article from Tatton Investment Management: Trick or treat season

13 October 2017

New article from Tatton Investment Management: All-time highs and Q3 results outlook: Reasons to be

6 October 2017

New article from Tatton Investment Management: Bad news – good news

29 September 2017

New article from Tatton Investment Management: Movements

22 September 2017

New article from Tatton Investment Management: QT to reverse QE and 2-year transition period to soft

15 September 2017

New article from Tatton Investment Management: BoE guides for year-end rate hike - Bluff or real?

8 September 2017

New article from Tatton Investment Management: ‘Back to school’ amidst hurricanes, earthquakes

1 September 2017

New article from Tatton Investment Management: Bad news, Good news

25 August 2017

New article from Tatton Investment Management: Summer low or summer lull?

18 August 2017

New article from Tatton Investment Management: More sellers than buyers

11 August 2017

New article from Tatton Investment Management: Stocks take note of North Korea crisis - or do they?

4 August 2017

New article from Tatton Investment Management: Consolidated base but momentum dwindling

28 July 2017

New article from Tatton Investment Management: Summer thoughts about the ‘longer term’

21 July 2017

New article from Tatton Investment Management: Summer lull - delayed

14 July 2017

New article from Tatton Investment Management: Pre summer-holiday investment check

7 July 2017

New article from Tatton Investment Management: Global growth ploughs on while markets take a breathe

23 June 2017

New article from Tatton Investment Management: Quo Vadis Britain?