MARKET COMMENTARY

We are currently quite pessimistic about global equity markets but very positive about the returns we can generate.

At first reading this may seem completely incongruous. Let us explain.

As we end 2021 and enter 2022 markets and asset prices will continue to be driven by the actions of major central banks and the Federal Reserve in particular.

For the second quarter running we have seen most equity and debt markets seemingly acting as grown ups – plodding along – while almost everything else seems a little broken and teenage.