Last Tuesday, the FT asked the question “Where will corporate America’s overseas cash pile go?” Excellent question. Until Trump proposed a repatriation tax and lower overseas corporate taxes, the share buyback binge which has propelled the US equity market for the past 7 years was set to peak. Goldman Sachs estimates that the tax holiday will

If in the immediate aftermath of Donald Trump winning the US election, equities had crashed, credit spreads had widened, bonds had sold off, the dollar was strong yet gold had surged. And held on to these trends for more than a day. What would the present look like? The only resemblance to the above scenario

Every so often democracy produces a result that is extreme and polarizing. The personal qualities displayed by Donald Trump were far from desirable or exemplary and his proposed policies appear vague, incomplete or ill-conceived. Yet Trump addresses some deficiencies, even if his remedies may be questionable. While 47% of eligible voters did not vote and

What would you do?  Russia: · Christmas came early. Cosy up to Donald. · Help the US out of NATO. · Help Turkey out of NATO. · Test the resolve of NATO by threatening Estonia, Latvia, Lithuania. · Help the US out of trade pacts. · Seems sympathetic to Russian strategy in Middle East. China:

We have had central banks telegraph their intentions to us for years now, and mostly those signals have been dovish. Recently, however, there has been a backup in bond yields and some uncertainty around what central banks want and what they can achieve. Is the current correction in bonds similar to the taper tantrum of