New article from Tatton Investment Management: Unprecedented quarter or calm before the storm?
6 April 2020, 12:00am
Even before the first case of coronavirus made headlines, the global stock markets were in a precarious position. Global growth slowed notably in 2019 and, while there were some promising early signs of a recovery, we were still waiting for tangible improvement. This was in stark contrast to the mood in capital markets, which seemed to be banking on the renewed monetary push from central banks of Q4 2019 and a steadily rebounding global economy showing up in the economic data flow. Easing trade tensions between the US and China, plus the manufacturing sector coming out of its third midcycle slowdown of the past decade, had many investors decidedly bullish. As a result, the equity rally that had been building since the Autumn continued, despite corporate results not (yet) living up to lofty expectations.
This led to concerns that if rebound expectations were delayed, then equity valuations (price-to-earnings-ratios) were becoming quite stretched and vulnerable to corrections. As has repeatedly been the case in recent years, this was coupled with a general anxiety that the longest business cycle ever had to end sooner or later, bringing down the ten-year bull market with it. We, like others, pointed out that economic cycles do not die of old age: they end because of central bank action (either forced or through error) or external shocks. As long as the business environment remains stable, and markets have enough liquidity, growth keeps on going.
At Tatton, we took a cautiously optimistic stance, keeping portfolios broadly in a neutral position, but with a 3% overweight towards Emerging Markets and in particular China, where a massive fiscal stimulus package was being put together.
Of course, we all quickly learned that the mother of all external shocks was just around the corner. After initially brushing off coronavirus as a problem on the other side of the world, which was based on the historical experience of the first SARS virus outbreak in 2003, on 20 February, markets realised the potential gravity of the situation. Over the next month, the S&P 500 lost 34% of its value, and all the world’s major equity indices entered official bear market territory (defined as a stock market decline in excess of 20%). Government orders shuttered the global economy, ending the longest expansion cycle in history, and plunging us all into a deep recession.
To make matters worse for markets, two of the world’s largest oil producers – Saudi Arabia and Russia – decided they could no longer deal with the supply glut that had been building through production cut compromises – resulting in a hugely untimely price war. This sent crude oil into free-fall and left energy producers (who usually provide market support through large capital expenditures) uncertain about their ongoing ability to service their capital, be it debt or equity. It resulted in crude oil’s worst quarterly performance on record, as shrinking demand was met with burgeoning supply – almost maxing out storage capacity. We cover this in a separate article below.
Initially, the market reaction could have been described as rational, stock markets fell by around 10% as investors revised their expectations. Safe-haven assets like gold and government bonds initially shot up, with bond yields (the inverse of price) sinking to historic lows. But the sell-off worsened, which led to a self-perpetuating downward spiral. When shoppers began panic-buying staples such as toilet paper and hand sanitiser out of a natural urge to ‘do-something’, investors fell victim to a similarly irrational ‘sell anything that is liquid’ cash-grab mentality. For a while, even the safe havens suffered losses – the complete opposite of the 2008/2009 sell-off. Most sectors of the economy were now feeling the pain – though far from equally. The chart below shows the sectoral breakdown of companies facing ratings downgrades
At the point when policymakers were weighing up the costs of a global economic depression and a virus death toll comparable only to the 5 million deaths caused by the 1918-1920 Spanish Flu pandemic, governments and central banks stepped in to make clear they would “do whatever it takes” to prevent such an outcome. Central banks acting as the unlimited ‘buyer of last resort’ in capital markets decisively ended the ‘dash-for-cash’ spiral. Fears that capital markets would saddle global society with a financial crisis on top of the health crisis were decisively quelled.
In combination with government support measures aimed at preventing the unintended consequences of a complete economic shutdown, this calmed investors’ fears of a complete and lasting economic meltdown. While corporate earnings prospects for 2020 remain dire or at least completely uncertain, the likelihood of a collapse of the corporate debt markets now appears more limited.
In terms of recovery hopes, the main shining light has been the sheer size of the support measures undertaken. The US Federal Reserve led the way by lowering overnight rates to zero and pledging virtually unlimited funding for buying government debt and even private sector credit, which is a novum for the US. An international USD shortage was addressed by extending USD swaps to the central banks of 14 countries. Other central banks took similarly unprecedented measures and, crucially, governments took the opportunity to unleash a wave of fiscal bridging support and stimulus for the time when economic activity restarts.
In the UK, emergency government spending measures will cost around 2.5% of GDP (depending on the uptake of the furloughed worker scheme). A further £330 billion of business guarantees and loans should help steady the ship for the rough ride ahead. In the US, the Senate passed an emergency response bill of just over USD 2 trillion, equivalent to 9% of GDP.
The European Union (EU) has yet to settle on a coordinated fiscal response, but most major economies, including Germany, announced substantial measures to see workers and businesses through. These measures are almost entirely to be paid for by government borrowing, which itself can be ‘monetised’ by central banks’ extraordinary measures if required to keep interest rates and longer terms yields steady. In effect, central banks have been authorised to print/create money for governments to use in short-term emergency spending. That may indeed cause problems further down the line, but as global policymakers have almost all realised, right now, there is simply no other choice.
When looking at the numbers, comparisons to the financial crisis – or even the great depression of the 1930s – are not hard to find. But rather than reeling off scary statistics, the key question is: how bad will the damage be? The answer to that depends on how long this forced hibernation lasts, and what the authorities do in response.
While China’s re-emergence after barely eight weeks of social distancing and shut-down are encouraging, neither the US and Europe has reached the ‘peak’ of the virus and may not for some time. However, the quick and decisive economic response from governments is encouraging. In an ideal scenario, measures would be perfectly timed and targeted to get just enough money to keep businesses and individuals tied over so they can resume their usual spending patterns once the lockdown is lifted. In that ideal case, we would see a sharp V-shaped recovery, where growth returns exactly as before.
Of course, in the real world, perfect timing and targeting are not possible. Some businesses will suffer irreversible damage, bankruptcies will rise and so too will unemployment. If the collateral damage proves too much, a prolonged ‘U-shaped’ recession could set in (or, in the extreme case, the dreaded ‘L-shaped’ permanent deterioration). But given the measures already in place, there will be winners too. The emergency fiscal and monetary measures may last longer than the lockdown itself, after which the added stimulus could lead to a strong rebound – particularly if pent-up demand comes out all at once. As outlined before, in that case an overshoot on growth and inflation seems more probable than a prolonged downturn.
Or in other words, monetary and fiscal policy can play a crucial role in limiting the collateral damage, but pandemic and virology science will determine the timing and success of the recovery. Whatever the case, the determination to avoid economic disaster is clear among policymakers. There are certainly challenges to overcome on that front (Germany and the Netherlands’ blocking of the Eurozone ‘coronabond’ being a prime example).
‘Tumultuous’ would be an understatement when describing the first quarter of 2020, ‘unprecedented’ captures reality more adequately, but is also a frightening adjective.
The table of asset class returns for the quarter isn’t pretty, but it conveys the pain that investors have endured since the year began. However, the three and five year annualised figures also show that the longer-term investment time horizons that our portfolio investors base their planning on have not been disproven, in spite of the first quarter’s events. The returns also illustrate why diversified investment portfolios, made up of holdings across many asset classes, generate significantly less extreme returns when compared against single asset class investments.
The levels at which the crash left stock market valuations at quarter-end reflect investor uncertainty and negative expectations around both the global economy and corporate results in the near term. However, compared to the lower levels plumbed just a week before the quarter ended, concerted actions taken to protect economies and private households have created something like a ‘safety net’, which appears to have been accepted as averting the very worst outcomes – including a full-blown financial crisis.
For now, capital markets have stabilised and there is a healthy improvement of sentiment based on the good that can come from the sheer size of intervention packages over the longer term. That said, even the boldest policy actions cannot prevent the misery that the coming weeks and months will bring – not only to those affected by the virus itself, but also in the economic collateral damage brought in by the social distancing measures aimed at limiting the loss of human life.
We should remain realistic and accept that as long as virologic or behavioural science cannot provide a more definitive time frame for the economic suppression, then assessments of the likely economic cost, and thereby justified discount to stock market valuations, remains impossible.
As the shut-down progresses, the economic pain of individual corporate defaults and the ‘scaring’ from mass-unemployment (and underemployment), are likely to depress market sentiment again. This bear market is therefore likely to progress along the lines of historical precedent, with the crucial difference that if any form of medical advancement is found, forward expectations can improve just as rapidly. Overly active portfolio management in such an unpredictable environment remains challenging, but also carries the prospect of generating long term value.
Tatton’s investment team is therefore decidedly busier than most employees around the world. In our investment committee meeting next week, we will determine the future course of portfolio activity.
We are satisfied with the way we constructed risk-profiled, diversified portfolios for our clients, and that we held our nerve in what bordered on emotional market chaos around us. Our response ensured clients remained within the boundaries of what their risk profiles suggested to be possible and to be expected. While we are saddened for clients by the overall poor capital market returns, we do hope and believe that this 2020 market crash has born fewer surprises than many clients experienced during the 2008/2009 bear market, before Tatton was managing their investments.
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26 October 2020, 12:00am
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21 October 2020, 12:00am
New article from Tatton Investment Management: Sunlit uplands or COVID gorge?
19 October 2020, 12:00am
New article from Tatton Investment Management: Watching and waiting
12 October 2020, 12:00am
New article from Tatton Investment Management: Baffling market optimism
2 October 2020, 12:00am
New article from Tatton Investment Management: A question of time horizons
25 September 2020, 12:00am
New article from Tatton Investment Management: A recovery on hold
18 September 2020, 12:00am
New article from Tatton Investment Management: Taking a step back to look forward
14 September 2020, 12:00am
New article from Tatton Investment Management: Frictions and contradictions
7 September 2020, 12:00am
New article from Tatton Investment Management: Market dynamic of a K-shaped recovery
1 September 2020, 12:00am
New article from Tatton Investment Management: Big tech gets bigger while the Fed takes the easy opt
24 August 2020, 12:00am
New article from Tatton Investment Management: Fed leaves bond investors with that sinking feeling
17 August 2020, 12:00am
New article from Tatton Investment Management: COVID II the sequel - as scary as the original?
10 August 2020, 12:00am
New article from Tatton Investment Management: July brings consolidation
2 August 2020, 12:00am
New article from Tatton Investment Management: Sunshine and shadows
27 July 2020, 12:00am
New article from Tatton Investment Management: PPE = Politics, Pressure and Economics
20 July 2020, 12:00am
New article from Tatton Investment Management: Discomfort of disappearing safety nets
13 July 2020, 12:00am
New article from Tatton Investment Management: Fast and freewheeling
3 July 2020, 12:00am
New article from Tatton Investment Management: H1 2020 offers meaningful lessons
29 June 2020, 12:00am
New article from Tatton Investment Management: Support balances increasing strains - for how long?
22 June 2020, 12:00am
New article from Tatton Investment Management: Equity valuations follow bond valuations' lead
15 June 2020, 12:00am
New article from Tatton Investment Management: Stock markets suffer altitude sickness
8 June 2020, 12:00am
New article from Tatton Investment Management: Markets are enjoying an uncomfortably benign pandemic
1 June 2020, 12:00am
New article from Tatton Investment Management: Optimistic markets despite second wave lockdown threa
26 May 2020, 12:00am
New article from Tatton Investment Management: Just as the sun comes out, clouds appear in the East
22 May 2020, 12:00am
New video from Tatton Investment Management
18 May 2020, 12:00am
New article from Tatton Investment Management: Us-China cold war: Threat or blessing?
11 May 2020, 12:00am
New article from Tatton Investment Management: Most welcome, if feeble, signs of pulling together
4 May 2020, 12:00am
New article from Tatton Investment Management: Opening-up will be slower than locking down
27 April 2020, 12:00am
New article from Tatton Investment Management: V or U-shaped recovery scenarios - the jury is out
20 April 2020, 12:00am
New article from Tatton Investment Management: Lifting lockdown remains a delicate balancing act
20 April 2020, 12:00am
New video from Tatton Investment Management: Stock markets between hope and despair
15 April 2020, 12:00am
New video from Tatton Investment Management: Is now the time to invest?
13 April 2020, 12:00am
New article from Tatton Investment Management: Fading threat of financial crisis re-opens old divide
6 April 2020, 12:00am
New article from Tatton Investment Management: Unprecedented quarter or calm before the storm?
30 March 2020, 12:00am
New article from Tatton Investment Management: Extraordinary: bear and bull market all in one
24 March 2020, 12:00am
New video from Tatton Investment Management: Why have stock markets appeared to rally on the lock-do
23 March 2020, 12:00am
New article from Tatton Investment Management: Government ordered recession
19 March 2020, 12:00am
New video from Tatton Investment Management: Confusion reigns in Capital Markets
18 March 2020, 12:00am
New article from Tatton Investment Management: Why aren't you doing something?
17 March 2020, 12:00am
New video from Tatton Investment Management: From euphoric recovery to depressed tumble
16 March 2020, 12:00am
New article from Tatton Investment Management: Notes on a crash: the short, the medium and long term
13 March 2020, 12:00am
New video from Tatton Investment Management: Panic equity selling or panic raising of precautionar
12 March 2020, 12:00am
New article from Tatton Investment Management: Forced sellers and other distractions
9 March 2020, 12:00am
New article from Tatton Investment Management: Dark times or glimpse of light at the end of the tunn
6 March 2020, 12:00am
New article from Tatton Investment Management: News of a reverse oil price shock rattles markets bey
2 March 2020, 12:00am
New article from Tatton Investment Management: Coronavirus - hitting too close to home
28 February 2020, 12:00am
New article from Tatton Investment Management: This week's market correction requires perspective
26 February 2020, 12:00am
New article from Tatton Investment Management: COVID-19 and the reaction of markets to pandemic fear
24 February 2020, 12:00am
New article from Tatton Investment Management: US markets hit new all-time highs and a 'bump'
17 February 2020, 12:00am
New article from Tatton Investment Management: V-shaped recovery for Valentine
10 February 2020, 12:00am
New article from Tatton Investment Management: Markets show no fear - should they?
3 February 2020, 12:00am
New article from Tatton Investment Management: Looking through the noise of the week
27 January 2020, 12:00am
New article from Tatton Investment Management: Short break to Goldilocks?
20 January 2020, 12:00am
New article from Tatton Investment Management: Parallels and differences to January 2018
14 January 2020, 12:00am
13 January 2020, 12:00am
New article from Tatton Investment Management: So far so good
8 January 2020, 12:00am
Tatton: Woodford & M&G suspensions have driven IFAs to us
6 January 2020, 12:00am
New article from Tatton Investment Management: 2020 starts with a Trump card
23 December 2019, 12:00am
New article from Tatton Investment Management: Goodbye 2019 - welcome 2020 and a new decade!
16 December 2019, 12:00am
New article from Tatton Investment Management: Brightening horizons - 2020 Outlook
8 December 2019, 12:00am
New article from Tatton Investment Management: Can Trump derail the 2020 economic upturn?
2 December 2019, 12:00am
New article from Tatton Investment Management: Markets are driving the markets
25 November 2019, 12:00am
New article from Tatton Investment Management: Markets pause for reality check
18 November 2019, 12:00am
New article from Tatton Investment Management: Swilling cash eases the market mood music
11 November 2019, 12:00am
New article from Tatton Investment Management: Recession concerns retreat
11 November 2019, 12:00am
Interim Results for the six months ended 30 September 2019
4 November 2019, 12:00am
New article from Tatton Investment Management: Crucial October period safely behind
28 October 2019, 12:00am
New article from Tatton Investment Management: Slowly turning
21 October 2019, 12:00am
New article from Tatton Investment Management: Brexit breakthrough versus Brexit fatigue
17 October 2019, 12:00am
17 October 2019, 12:00am
Acquisition of Sinfonia Asset Management Limited (SAM)
14 October 2019, 12:00am
New article from Tatton Investment Management: Market sentiment rebound
7 October 2019, 12:00am
New article from Tatton Investment Management: Stall speed economy fears spreading
30 September 2019, 12:00am
New article from Tatton Investment Management: Ominous US-Dollar strength
23 September 2019, 12:00am
New article from Tatton Investment Management: Diverging economic trends - catalyst for trade war re
16 September 2019, 12:00am
New article from Tatton Investment Management: Market sentiment rebound
9 September 2019, 12:00am
New article from Tatton Investment Management: Choppy water but no storm, yet...
2 September 2019, 12:00am
New article from Tatton Investment Management: Fattening 'tails'
27 August 2019, 12:00am
New article from Tatton Investment Management: Populism politics reversing austerity?
19 August 2019, 12:00am
New article from Tatton Investment Management: Market spat between bond and equity markets
11 August 2019, 12:00am
New article from Tatton Investment Management: Bond markets unnerve equity markets - again
5 August 2019, 12:00am
New article from Tatton Investment Management: The Elephant and the Little Old Lady
29 July 2019, 12:00am
New article from Tatton Investment Management: The quick and the not-so-quick
22 July 2019, 12:00am
New article from Tatton Investment Management: ...'Twere well it were done quickly
15 July 2019, 12:00am
New article from Tatton Investment Management: Positioning for a summer of wait and see
8 July 2019, 12:00am
New article from Tatton Investment Management: Liquidity drives stock markets to new highs
1 July 2019, 12:00am
New article from Tatton Investment Management: The middle of the year - a tipping point?
24 June 2019, 12:00am
New article from Tatton Investment Management: Battle of the ‘doves’
17 June 2019, 12:00am
New article from Tatton Investment Management: Mixed messages
10 June 2019, 12:00am
New article from Tatton Investment Management: The return of the central bank put?
3 June 2019, 12:00am
3 June 2019, 12:00am
Appointment by Frenkel Topping
3 June 2019, 12:00am
Preliminary Results For the year ended 31 March 2019
3 June 2019, 12:00am
New article from Tatton Investment Management: Bond rally musings
27 May 2019, 12:00am
New article from Tatton Investment Management: It is getting warmer
20 May 2019, 12:00am
New article from Tatton Investment Management: Market support for Trump or unwarranted equanimity?
13 May 2019, 12:00am
New article from Tatton Investment Management: Geopolitics re-enter market stage
7 May 2019, 12:00am
New article from Tatton Investment Management: Central banks disappoint expectations
29 April 2019, 12:00am
New article from Tatton Investment Management: Waning market stimuli put stock markets on notice
23 April 2019, 12:00am
New article from Tatton Investment Management: Spring time from here?
16 April 2019, 12:00am
Trading Statement for 12 months ending 31 March 2019
15 April 2019, 12:00am
New article from Tatton Investment Management: Brexit in-limbo aside sentiment is improving
8 April 2019, 12:00am
New article from Tatton Investment Management: Happy 10th birthday, choppy bull market
1 April 2019, 12:00am
New article from Tatton Investment Management:29 March 2019 – quarter end
25 March 2019, 12:00am
New article from Tatton Investment Management: Brinkmanship and extensions
18 March 2019, 12:00am
New article from Tatton Investment Management: Bits & Pieces
11 March 2019, 12:00am
New article from Tatton Investment Management: ECB stimulus U-turn leaves markets unimpressed
4 March 2019, 12:00am
New article from Tatton Investment Management: £-Sterling ‘applauds’ prospect of Brexit delay
25 February 2019, 12:00am
New article from Tatton Investment Management: Progress?
18 February 2019, 12:00am
New article from Tatton Investment Management: Investment perspectives for different Brexit outcomes
15 November 2018, 12:00am
Interim Results for the six months ended 30 September 2018
15 October 2018, 12:00am
New article from Tatton Investment Management: Autopsy of a stock market sell-off
1 October 2018, 12:00am
New article from Tatton Investment Management: Poor politics containing bond market risks?
27 September 2018, 12:00am
New article from Tatton Investment Management: Brexit clamour vs. real market new
7 September 2018, 12:00am
New article from Tatton Investment Management: Interesting times ahead
31 August 2018, 12:00am
New article from Tatton Investment Management: “Not the end of the worldâ€
24 August 2018, 12:00am
New article from Tatton Investment Management: Steady markets vs. noisy politics
17 August 2018, 12:00am
New article from Tatton Investment Management: Political strongman tactics come home to roost
10 August 2018, 12:00am
New article from Tatton Investment Management: Summer heat wave makes way for return of political he
3 August 2018, 12:00am
New article from Tatton Investment Management: A gentle deceleration?
27 July 2018, 12:00am
New article from Tatton Investment Management: Hot air for a hot summer?
20 July 2018, 12:00am
New article from Tatton Investment Management:Earnings are growing, why worry?
13 July 2018, 12:00am
New article from Tatton Investment Management: Hard Brexit demonstration potential?
6 July 2018, 12:00am
Notice of Annual General Meeting
6 July 2018, 12:00am
New article from Tatton Investment Management: It is getting hot
29 June 2018, 12:00am
New article from Tatton Investment Management: Digesting or consolidating?
27 June 2018, 12:00am
Preliminary Results for the year ended 31 March 2018
22 June 2018, 12:00am
New article from Tatton Investment Management: Fragile recovery
15 June 2018, 12:00am
New article from Tatton Investment Management: No surprises
8 June 2018, 12:00am
New article from Tatton Investment Management: Delicate equilibrium
1 June 2018, 12:00am
New article from Tatton Investment Management: Ignore politics at your peril
25 May 2018, 12:00am
New article from Tatton Investment Management: GDPR? No - far more interesting news!
18 May 2018, 12:00am
New article from Tatton Investment Management: What's the economic reality of this week's news?
11 May 2018, 12:00am
New article from Tatton Investment Management: Batten-down-the-hatches?
4 May 2018, 12:00am
New article from Tatton Investment Management: Past the peak?
27 April 2018, 12:00am
New article from Tatton Investment Management: Confusing signals?
20 April 2018, 12:00am
New article from Tatton Investment Management: A mixture of messages
6 April 2018, 12:00am
New article from Tatton Investment Management: Could do better
6 April 2018, 12:00am
New article from Tatton Investment Management: Peaking, plateauing or dimming – and how about that
29 March 2018, 12:00am
New article from Tatton Investment Management: End of a stormy quarter
23 March 2018, 12:00am
New article from Tatton Investment Management: Now we know it's risky!
16 March 2018, 12:00am
New article from Tatton Investment Management: Back to Normal?
9 March 2018, 12:00am
New article from Tatton Investment Management: Tariffs to growth
2 March 2018, 12:00am
New article from Tatton Investment Management: Time to take some profits
23 February 2018, 12:00am
New article from Tatton Investment Management: Change of direction or gradual normalisation?
16 February 2018, 12:00am
New article from Tatton Investment Management: Breathing easier for the moment
9 February 2018, 12:00am
New article from Tatton Investment Management: Meteoric stock markets crash bac
6 February 2018, 12:00am
Tatton Investment Management's Stock Market Correction Assessment
2 February 2018, 12:00am
New article from Tatton Investment Management: Good news turns bad news - again!
26 January 2018, 12:00am
New article from Tatton Investment Management: Surprises
19 January 2018, 12:00am
New article from Tatton Investment Management: US$ weakness versus Bitcoin and Carillion
12 January 2018, 12:00am
New article from Tatton Investment Management: Bullish sentiment rings alarm bells
5 January 2018, 12:00am
New article from Tatton Investment Management: Encouraging kick-off
15 December 2017, 12:00am
New article from Tatton Investment Management: 2017 - taking stock
8 December 2017, 12:00am
New article from Tatton Investment Management: Progress versus Bitcoin
5 December 2017, 12:00am
Interim results for the six months ended 30 September 2017
1 December 2017, 12:00am
New article from Tatton Investment Management: Sudden, but not entirely unexpected
24 November 2017, 12:00am
New article from Tatton Investment Management: Invincible markets?
17 November 2017, 12:00am
New article from Tatton Investment Management: Yield-curve flattening: a bad omen?
10 November 2017, 12:00am
New article from Tatton Investment Management: Nervous investors herald more volatile markets
3 November 2017, 12:00am
New article from Tatton Investment Management: UK rate rise: ‘one and done’ or beginning of rate
27 October 2017, 12:00am
New article from Tatton Investment Management: Trick or treat season
13 October 2017, 12:00am
New article from Tatton Investment Management: All-time highs and Q3 results outlook: Reasons to be
6 October 2017, 12:00am
New article from Tatton Investment Management: Bad news – good news
29 September 2017, 12:00am
New article from Tatton Investment Management: Movements
22 September 2017, 12:00am
New article from Tatton Investment Management: QT to reverse QE and 2-year transition period to soft
15 September 2017, 12:00am
New article from Tatton Investment Management: BoE guides for year-end rate hike - Bluff or real?
8 September 2017, 12:00am
New article from Tatton Investment Management: ‘Back to school’ amidst hurricanes, earthquakes
1 September 2017, 12:00am
New article from Tatton Investment Management: Bad news, Good news
25 August 2017, 12:00am
New article from Tatton Investment Management: Summer low or summer lull?
18 August 2017, 12:00am
New article from Tatton Investment Management: More sellers than buyers
11 August 2017, 12:00am
New article from Tatton Investment Management: Stocks take note of North Korea crisis - or do they?
4 August 2017, 12:00am
New article from Tatton Investment Management: Consolidated base but momentum dwindling
28 July 2017, 12:00am
New article from Tatton Investment Management: Summer thoughts about the ‘longer term’
21 July 2017, 12:00am
New article from Tatton Investment Management: Summer lull - delayed
14 July 2017, 12:00am
New article from Tatton Investment Management: Pre summer-holiday investment check
7 July 2017, 12:00am
New article from Tatton Investment Management: Global growth ploughs on while markets take a breathe
23 June 2017, 12:00am
New article from Tatton Investment Management: Quo Vadis Britain?