Bruce looks at an old equity research note from 1993 and ponders if in some sectors customers receive a better deal than shareholders. Companies covered BARC, HL., LOK, ARC The FTSE 100 fell -0.6% last week to 7,683. The Nasdaq100 and S&P500 were up +0.5% and +1.7% respectively. The excitement was provided by Nvidia results,

Bruce remembers a metaphor from the founder of the Georgian Stock Exchange and wonders how it might apply to Chinese financial markets. Companies covered: FEVR, ELCO, FNX, BOKU. The FTSE 100 was up +2.2% to 7653 last week. The Nasdaq100 and S&P500 rose +2.4% and 1.1%. Brent Crude was up +4% in the last 5

While active fund managers are seeing redemptions, platforms like AJB and IHP have been reporting healthy quarterly inflows.  Other stocks covered DPP, NXQ, CRPR. The FTSE 100 fell -1.7% last week to 7,466. The Nasdaq100 and S&P500 rose +2.9% and 1.25% respectively. US markets are enjoying a reasonably strong start to the year, and are

Terry Smith has published his annual performance update letter, plus a look at companies in the listed active fund manager sector. Companies covered JUP, ASHM, IPX, POLR, PMI.   The FTSE 100 fell -1% to 7613 last week. The Nasdaq100 was up +3.2% and the S&P was up +1.8% in the last five trading days.

Bruce looks at why the inverted yield curve seems to have sent a false signal about a recession.  Companies covered: JD. and CMCX.   The FTSE 100 fell -0.9% to 7,658 last week. The Nasdaq100 was down -3.5% and the S&P500 was down -1.8%. The FTSE China 50 was the worst performing index, down -4.7%

Bruce reviews 2023 performance and the outlook for this year. Plus a detailed write-up of aircraft leasing business AVAP.   Last year the Nasdaq 100 was the best-performing major index, up +54%, followed by Japan’s Nikkei. Not something that many people would have predicted. The S&P500 also did well +24% last year, followed by the

With Central Banks turning dovish, Bruce looks for the 16 / 64 day moving average crossover to call the turn to a more bullish market in 2024. Stocks covered investment platforms AJB, HL. plus defence stocks CHRT and MSI. The FTSE 100 rose +1% to 7617 last week. Meanwhile, the Nasdaq100 and S&P500 were up

Bruce looks at the prospects for Commercial Real Estate (CRE) and wonders if this will become a source of market instability in 2024. Companies covered CML, SOLI, and SDI. The FTSE 100 was flat last week, hovering around the 7,500 mark. In the US, the Nasdaq100 and S&P500 were both up less than half a

Bruce ponders why some companies that operate in the same sector enjoy such radically different fortunes. Companies covered MPE, LTHM, and MIND. The FTSE 100 rose +0.6% to 7,506 last week. The Nasdaq100 was flat, while the S&P500 rose +0.8%. The price of gold rose +2% to $2,035, which seems to have been driven by

With two more bids coming in for small-cap stocks, Bruce looks at the average premiums being offered by buyers. Companies covered: AML, ULTP and HEIQ.   The FTSE 100 was up +1.3% to 7,426 last week. Meanwhile, there was a very strong rally in the US markets with Nasdaq100 +6.4% and the S&P500 up +5.9%.

As two more bids come in for small-cap listed companies, and another Private Equity IPO disappoints, Bruce looks at the trends that are shrinking public stock markets. Companies covered: CABP, OMG, IPF.   The FTSE 100 was down -1.5% to 7,291 last week. The Nasdaq100 was down -2.6% and the S&P500 was down -2.5%. US

Bruce looks at UK fund manager outflows, both at an industry level and manager-specific level. Companies covered: STJ, HL., BPM, LIO, TMG. The FTSE 100 was down -3.2% last week to 7,384. Nasdaq100 and S&P500 were also both down -2.9% and -2.4% respectively, with the FTSE China 50 off even more steeply at -4.7% over