Monetary and quantitative easing have disguised the financial crisis and postponed its full translation into the real economy. In the USA, UK and much of Euroland we are living
in a reflated bubble rather than an economy enjoying a typical cyclical recovery.
Fundamental for a family is who they admit to their inner circle as quite often it can mean nothing less than allowing someone to become part of their wider family. Such was the understanding of this issue in the mediaeval period that the word ‘family’ or ‘affinity’ was used by magnates and smaller proprietors alike to include households and retainers who where not of their blood. In a similar way, the single family office (SFO) can be the family ‘writ large.’
lobal equities are in for a tougher time in 2010 following the stellar performance seen in 2009. Equities were boosted last year by a
surge in global liquidity, effected through both quantitative easing (QE) in the US (and other developed economies) and very rapid credit expansion in China.
Yields for commercial property in prime Western markets have narrowed back
to levels last seen in the boom years up to 2007. In the UK, prime commercial
properties such as offices in London’s West End and supermarkets let to strong
covenants, are trading once again at yields below 5%. The same is true of prime properties in other mature economies such as France, Germany, Netherlands and Switzerland (CBRE report, Q3 2010).
It was only a decade ago that gold prices were at $255 an ounce - today it has reached
$1,410 leaving investors wondering where gold prices will go from here?
Money in most families is a sensitive subject. There are many taboos we prefer not to talk about – death and inheritance being but two. When considerable wealth, celebrity status or a large family business is also an integral part of a family these subjects frequently get buried.
it is surprising that some 10 years after the FTse 100 index peaked at 6930.5 on 30/12/99, over 20% above the current level, index trackers and other passive investment strategies are still being marketed as an effective and low risk way of investing.
The low carbon sector is underpinned by many long term commercial drivers that will deliver strong returns to investors over the next 20-30 years. Political impetus remains intact for this movement despite the adverse headlines from December’s Copenhagen conference. Although the end outcome may have disappointed, positive momentum has been maintained towards a binding agreement.
