These are without doubt uniquely challenging times. While we retain a strong conviction that the medium-term drivers of the returns to a diversified mix of assets remain more or less unchanged, the near term challenges for the economy are likely to continue to dominate market moves for the foreseeable future.
Nonetheless, the job of this publication in particular has always been to try and look beyond the noise of the present, and provide context for the longer term investor. This quarter, our focus is on the journey out of cash.
As usual, in this quarter’s Compass, you’ll also find details about interest rates, bond yields, commodity and equity prices, as well as our tactical positioning.