March 2018

“I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.” Charlie Munger

SUMMARY

  • Investors are torn between strong fundamentals, low interest rates, supportive structural factors and…
  • … hawkish central banks, risks to valuation, the prospect of a trade war and reflationary cyclical forces
  • Old-school diversification did not work in February. Tech stocks provided better protection than gold, bonds or REITs
  • The 1960’s may provide a useful blueprint of what is ahead as winners may turn into losers

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ACP Investment Partners LLP is an unregulated Limited Liability Partnership and promotes the regulated financial services of ACPI Investments Limited (ACPI IL) & ACPI IM, which are authorised and regulated respectively in the United Kingdom by the Financial Conduct Authority and in Jersey by the Jersey Financial Services Commission.

This promotion has been approved by ACPI Investments Limited (FCA Register IRN 192403).

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