The Cambridge Weekly – 10th August 2020

Living with COVID- settling into an interim ‘new normal’ Compared to the rest of 2020, July proved almost uneventful as global capital markets consolidated strong gains made during the previous quarter, with only emerging market equities and gold delivering notable...

The Cambridge Weekly – 27th July 2020

PPE = Politics, Pressure and Economics In this delicate economic and financial environment, the world of politics can have a big impact on capital markets. Last week, we saw both heads of that political beast, with news stories first buoying and then bruising market...

The Cambridge Weekly – 20th July 2020

Discomfort of disappearing safety nets The summer season has started in earnest and yet, unsurprisingly, this year everything feels different. Most of us are relieved restrictions are easing, meaning we can go about our lives more like how we were used to until a few...

The Cambridge Weekly – 13th July 2020

Fast and freewheeling – markets move as economies slow As they have for most of the year, pandemic developments dominated the economic news flow last week. Though restrictions continue to ease here and in Europe, the virus is now spreading at a quickening pace in the...

The Cambridge Weekly – 6th July 2020

H1 2020 offers meaningful lessons So we begin the second half of 2020, leaving behind us two of the most extraordinary calendar quarters in history. But the difference in experience from an investment perspective versus the general public and most of the economy could...

The Cambridge Weekly – 29th June 2020

Support balances increasing strains – for how long? The consolidation in stock markets continues. After a brief sell-off at the beginning of last week, capital markets staged a recovery to leave things almost unchanged from a week ago. All in all, markets are now just...

The Cambridge Weekly – 22nd June 2020

A new normal After a wobble, capital markets have stabilised again. Global stock markets have not quite regained their previous highs, but seem to have found a level, trading sideways since last Tuesday. For onlookers though, risk asset prices probably look anything...

The Cambridge Weekly – 15th June 2020

Stock markets suffer altitude sickness Reading the news seems much more complicated these days. Our friend and old colleague, Rob Martorana, has lived and worked in New York all his life. An excellent portfolio manager and great thinker about investments, Rob has...

The Cambridge Weekly – 8th June 2020

Markets are enjoying an uncomfortably benign pandemic May 2020 will be remembered for many things. For most of the world, it was when lockdown measures began to ease and people filtered back out into the sunshine for the first time in weeks. It was also when the size...

The Cambridge Weekly – 1st June 2020

May ends with optimism and promises of more stimulus The stock market recovery that started on 23 March – and was widely regarded as little more than a soonto-falter bear market rally – consolidated further over the last week of May. By now it is either the most...

The Cambridge Weekly – 26th May 2020

Big trouble in big China Over the past week, it felt as if the new normal of enforced idleness paired with less stringent lockdown rules and summer weather would lead to a happier mood across Western Europe, including the UK. The same applied for investors, whose...

Cambridge Video Update – 22nd May 2020

Stock markets rise as economies fall - is that sustainable?  The market recovery that began in late March has metamorphosed from a bear market rally into a full blown bull market, while week to week, investment market valuations have ridden the rollercoaster of...

The Cambridge Weekly – 18th May 2020

US-China Cold war: Threat or blessing? Halfway through May and stock markets have continued to deviate markedly from the classic bear market pattern described in “The anatomy of a bear market” in The Cambridge Weekly of 30 March (see graph on next page). What looked...

Cambridge Video Update – 15th May 2020

Cambridge Investments Video Update - Question and Answer Session Thank you to everyone who has contacted us in response to the recent series of video updates. I am pleased to report that the feedback we have received has been overwhelmingly positive and much...

The Cambridge Weekly – 11th May 2020

Phase II kick-off – from staying home to staying safe Last week was a short week for most regions. Friday’s VE day holiday here in the UK was labelled “Victory in Europe” in 1945 and marked the huge victory against the forces of tyranny and isolating nationalism. We...

The Cambridge Weekly – 4th May 2020

Lock-down, Open-up In April, the virus ended the lives of over 190,000 people across the world. Of those, 13% were in the United Kingdom, nearly 25,000. The UK has been one of the worst affected countries during this pandemic. The US has suffered a similarly heavy...

The Cambridge Weekly – 27th April 2020

Trial and error After making a cameo appearance in the build-up to March’s COVID-19 market crash, last week saw oil return in dramatic fashion to reclaim the spotlight. This time the performance veered almost into parody, with the oil price falling into the negative...

Cambridge Video Update – 21st April 2020

Stock markets between hope and despair - just like anyone else The markets following Easter finished a bumpy week on a sizeable gain, as hope spread that COVID‑19 restrictions may be lifted sooner rather than later, and anecdotal observations that some already...