October 2017

“Let us rise up and be thankful, for if we didn’t learn a lot today, at least we learned a little, and if we didn’t learn a little, at least we didn’t get sick, and if we got sick, at least we didn’t die; so, let us all be thankful.” Buddha


  • The Trump trade is back on as chances of a successful tax reform passage are rising
  • While a short-term positive for markets, we suspect the long-term impact will be negative for growth and the dollar
  • Government bond markets are still living in a world of secular stagnation while credit and equities are expecting reflation
  • Wage pressure is slowly increasing as labour market slack disappears in the US and elsewhere
  • We favour value names, financials, healthcare, Japanese equities, the dollar and reduce expensive high-grade bonds

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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).