The End of Pax Americana?

In the Mediterranean in May 1954, warships of the Royal Navy gave a 21-gun salute to Britain's new monarch, Queen Elizabeth II, who was on-board the private vessel, the Royal Yacht Britannia, returning from a global tour of Britain's realm. The ceremony was glorious, and was a demonstration of naval power reminiscent of the origins … Continue reading The End of Pax Americana?

Investing in an age of populism…

2016's been accepted as a watershed year: a year where we saw a rise in populism in the West. There's been countless articles and commentaries written on this rather (un)eventful year, so I shall not add to the existing pile. As global macro investors, we are well aware that developments in the political realm can lead to changes … Continue reading Investing in an age of populism…