Blogs
Latest views from Dennehy Weller and Company.
Europe - opportunities for income?
Some fund managers believe it is time for income investors seeking diversification to look towards Europe with the yield at 5.2%.
But income investors should look beyond the attractions of current payouts. Do European equities offer an opportunity for dividend growth into 2012? Are valuations really cheap? Are you prepared for volatility to overwhelm income attractions? More >
Updated: 14.11.2011
Opportunities ahead
Markets have been unfolding much as we expected. The worst of the Eurozone crisis lies ahead, and the global implications of that alone can undermine whatever Obama and his merry men might conjure up in coming weeks. But such crises create opportunities which are rare, so patience remains the key ingredient. More >
Updated: 09.09.2011
At what level are markets "cheap"?
What will "cheap" look like on the stock markets? We consider the detail here, and it isn't pretty. Sorry. More >
Updated: 10.08.2011
Gerry Adams, Le Pen, a Greek colonel
Political risk is rising across Europe and further delay in dealing with eurozone problems is very dangerous. Unless Trichet soon acknowledges and deals with what everyone knows to be the truth (bankruptcy of at least 3 nations), his destiny might be to deal with Gerry Adams, Marine Le Pen and a Greek (or Portuguese) Colonel. More >
Updated: 08.07.2011
Safest corporate bonds score as economies slide
In March we stuck our necks out and said gilt yields were telling us that the widespread inflationary panic actually masked a deflationary reality.
So we were not surprised in recent weeks as bond yields headed lower and a wide range of global economic indicators headed down. Those who listened, and sheltered in the relative safety of dull investment grade bonds were amply rewarded. Do read on... More >
Updated: 14.06.2011
Ultimate safe haven - Emerging market bonds?
During a recent interview with the Financial Times, strategist and stock market historian Russell Napier, claimed that all markets are overdue a significant correction.
While we share this view to a certain extent, Napier went on to boldly state that the only safe haven during the next crisis will be emerging market currencies. Taking his lead, here we explore emerging market bond funds which might exploit this potential, and wonder if they are under-exploited by UK investors and their advisers. Do read on. More >
Updated: 14.06.2011
commodity crash coming, then boom and extinction!
Humanity is on the verge of extinction, but not before a crash in commodity prices presents a very rare opportunity to buy before a huge boom. This is one interpretation of a delightful piece that has just been published by Jeremy Grantham of GMO.
And he includes some marvellous maths prose, and a challenge for those of you who aren’t ordinarily mathematically challenged. Do read on. More >
Updated: 27.04.2011
more downside than upside now, but opportunities ahead
It is remarkable that stock markets have held up so well in recent months, with so much to worry about - Japan, North Africa, inflation, euroc crisis. But don't be complacent. It is what we call a "cartoon moment", as we explain in the full note. On the one hand you mustn't be surprised by falls around 20% from current levels, on the other hand those that are patient will be rewarded by the cheap buying opportunities that lie ahead. More >
Updated: 12.04.2011
Bumps in the road ahead, take care
There are two "bumps in the road" just ahead. First another attempt to agree a solution to eurozone debt problems. Secondly the current stimulus being applied to the US economy will run out in June - it is unclear whether their economy can stay upright without that crutch, and there is waining support from their authorities to provide more of the same. There could be an uncomfortable patch for markets just ahead.
If FTSE 100 comes under marked pressure it is clear that support is down at 4800, nearly 20% below current levels. More >
Updated: 08.03.2011
Thin green line protects eurozone
The events surrounding the bailout of Ireland are fascinating, not least who actually needed bailing out and who is paying the bill.
European banks lent to Irish banks, who in turn lent it out to inflate the Irish property bubble. But the banks got it all wrong. So the Irish government stepped in to guarantee the Irish banks. The Irish government then got it all wrong, the banks losses swamping the government and Irish economy. Then the EU stepped in to guarantee the Irish government. And the guarantee now sits with the Irish taxpayers/voters, as everyone else has decided they should foot the bill and pay the interest - effectively to bail out the European banks who lent the money to Ireland in the first place. Hmmm. Did we miss something? More >
Updated: 07.12.2010
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