Q2 2021 Briefing

Investment briefing

Bear markets start for various reasons, but the root cause is constant. Too much debt, too much euphoria and always, the lure of a new paradigm.

Investment briefing

After cheering investor spirits with a brief mid-summer rally, global financial markets subsequently sold off through to the start of October.

Investment briefing

Ricochet
Cast your minds back to 2014, when the Caribbean Island of Puerto Rico, burdened by a chronic budget deficit, spooked the US municipal bond market by passing legislation to restructure some of its enormous $73bn debt pile. US Municipal Bond ETFs reeled and wider markets were spooked, the country’s debt downgraded to ‘junk’ status.