This weekly comment is being written from Brazil, an emerging market that we have previously owned in our private client portfolios through the Findlay Park Latin American Fund (now part of the recently established Brown Advisory Latin American Fund) but not one we currently hold. My last visit in 2018 was shortly before the October
“Not seeing a tsunami or an economic event coming is excusable; building something fragile to them is not.” [Nassim Nicholas Taleb] After an extended period of benign equity market conditions, February 2018 saw the return of volatility. Rather like seismologists, portfolio managers are continually monitoring for signals of a ‘financial earthquake’, but predicting the
As an independent Discretionary Fund Manager (DFM), MitonOptimal has been working with and alongside trustees for the best part of two decades. It is evident to us that the old ways of doing business are changing, globally, and without exception. In fact, a growing number of traditional institutions no longer accept clients from jurisdictions perceived
Market volatility, as measured by the VIX Index, has been at its lowest level for ten years during Q1-2017 (touching 9.97 on Valentine’s day). Market indices in the US and UK, meanwhile, have broken through highs dating back to the peak of the tech bubble (17 years ago this month). What is the VIX and
The aptly named Trumpeter Swan – indigenous to North America, notably also the heaviest living bird in the USA. You wait for a black swan and two come along within six months. (Ok, those ornithologists amongst you have already spotted that the Trumpeter Swan isn’t a black swan, just relax and go with my poor
Sometimes the simplest plans are the hardest to achieve and maintain. As investment professionals, it is easy to overcomplicate the investment decision-making process. Advisors are influenced by market noise, trends and contrarian views. These factors can impact the substance of clients’ portfolios and, left unchecked, can have distorting and destructive long-term consequences. Likewise, for fiduciary professionals, ensuring
