I am generally a tolerant guy, but when it comes to a debate on international capital flows I am a raving lunatic. I have no time for amateurs, and it is my clear impression that president Trump’s trade advisors, and those who agree with them, are just that. You need to understand where I am coming from, though. Specifically, you need to read my two essays about QE, population ageing and the global paradox of thrift. Here is a summary if you don’t want to read the whole thing; read it carefully.
Read MoreInvestors were forced to endure further distractions at the hands of Brexit and the new U.S. political leadership last week. Theresa May's speech, which lifted the lid slightly on the government's plans for its exit from the EU, and Mr. Trump's inauguration address were undoubtedly the most important events for markets. This tells you all you need to know about how it is to be an investor at the moment. Fear not, though; I am here to help. I won't talk about Mr. Trump or Brexit in this post, but instead ask the question of how equity investors can escape their vortex.
Read MoreI am in New York this week to see clients and prospects, which is why I haven't yet had time to say much about Mr. Trump snatching the prize or the crazy market moves that have followed. I don't see much change . The espresso in Murray Hill, served by Chinese immigrations, is exquisite as ever and New Yorkers remain notoriously impatient, and bad, drivers. I do notice a big increase in TV-ads for Range Rover and Jaguar, though, so maybe there is a concrete sign of the alleged rapprochement between the U.S. and the U.K. in the aftermath of Brexit and Mr. Trump's victory.
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