20 October 2016: The debate that wasn’t
– A divisive US presidential race has not always done justice to the policy choices the nation faces. In this letter, I imagine what a more rigorous TV debate might have sounded like.
– More polarized policy debates around the world have underlined the importance of a diversified investment approach, to limit exposure to the political and social choices of any single nation.
– We are introducing an overweight position in US Treasury Inflation Protected Securities versus standard high grade bonds. Markets are underestimating the outlook for inflation in the US.
– We are overweight US equities versus high grade bonds. We are also overweight emerging market equities versus Swiss equities.