Tom Stevenson
The oldest president with the ambition of the youngest
Joe Biden may be America’s oldest ever president, but he has a young man’s ambition. He has waited a long time for his chance to become one of a handful of transformative US presidents and he knows that his window of opportunity is small.
Diverging tides
Most of the time, financial markets ebb and flow like the tide. All boats are lifted or fall together. On occasions, however, different assets part company, responding to the same influences in divergent ways. The first three months of 2021 has been such a period.
Can you have it all?
Unfortunately, the long slow grind of small incremental outperformance, compounded year after year, is the best hope for my children’s understandably aggrieved generation. And it is why my generation, and my industry, has a duty to explain these boring facts and not to join the social media companies in peddling the myth that you can have it all, and have it now.
The bond vigilantes are back in town
Last Thursday, as the bond vigilantes rode back into town, the yield on the US 10-year Treasury bond rose to exceed 1.5% for the first time in a year. That might not sound much, but with yields at historic lows it was a seismic shock. It was enough to send the Nasdaq index 3.5% lower, the worst day for tech stocks since October. Markets in Asia matched those falls. Intimidation.
Europe, this year's surprise?
When did you last have a conversation about a European stock market? This is curious when you consider that Europe is one of the richest corners of the world, home to many of the globe’s best companies and some of its most famous brands.
8 lessons from 12 remarkable months
Beating them at their own GameStop
Riding it out
Inauguration inflation
