MoneyWeek 1046

MoneyWeek is a weekly magazine that enables you to become a better-informed, smarter investor and enjoy the rewards of managing your money with confidence. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

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United Kingdom
Dennis Publishing UK
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3 Min
from the executive editor...

“Losing money on an investment is painful, but it can teach you some valuable lessons” The Deliveroo initial public offering (IPO) was meant to be the moment at which London unleashed a tech unicorn to rival those constantly springing up across the Atlantic. Instead it was a dreadful flop. Matthew Lynn looks at three lessons the City could learn from the disappointment on page 16, but for me the key point is his first one – it’s all about the price. It’s heartening to see that even in a market like this, where some people will pay millions of dollars for the non-exclusive right to gaze upon a digital artwork by a hitherto unknown artist (see page 46 for Bill’s take on this), they’ll still turn their noses up at an…

1 Min
ironic tax tale of the week

David Hannah, the 60-year-old founder of property tax advice firm Cornerstone, is facing a large fine for avoiding paying stamp duty on the purchase of a home of his own, reports David Byers in The Times. Hannah bought the £765,000 house in Leicestershire in 2011 using a scheme described by HMRC in court documents as “a clear attempt at stamp duty avoidance”. Hannah paid a 5% deposit of £38,250, which was listed with Land Registry as the official purchase price. The sellers then received the remainder of the proceeds by redeeming an annuity that was registered in the British Virgin Islands. Hannah had been appealing against a 2019 verdict by a first tier tribunal, but the upper tax tribunal upheld the initial judgment and ordered Hannah to repay the £30,600 stamp…

1 Min
good week for

Action film Godzilla vs. Kong (pictured) gave US cinemas a boost this weekend after it drew the largest crowds the industry has seen since the pandemic began, says Kelly Gilblom on Bloomberg. The monster movie made sales of around $32.2m between Friday and Sunday in North America, almost double that of Wonder Woman 1984, the previous best pandemic-era opening weekend. A lucky British lottery player became the fifth-biggest winner in UK National Lottery history this week after claiming a £122m EuroMillions jackpot, says Andy Hayes on Sky News, making them the 976th richest person in the country, according to the Sunday Times rich list.…

1 Min
bad week for

The founding members of Wentworth, one of England’s most prestigious golf clubs, are leaving en masse after its owners announced a 50% rise in fees to £20,000 a year, says Robert Mendick in The Daily Telegraph. This is just the “latest row to beset” Wentworth since it was sold in 2014 for £135m to Chinese company Reignwood. Departing founding members who could no longer justify the cost include a “Wentworth stalwart who has been playing at the club since 1963” and a former pilot who has been a member of the club for over 40 years. Credit Suisse cancelled its directors’ bonuses, slashed its dividend by two-thirds and announced the departure of two senior executives after it revealed a £3.4bn loss resulting from its exposure to the collapse of the Archegos…

2 Min
investors enjoy a stockmarket nirvana

We are a quarter of the way through 2021 and somehow the stockmarket rally is still “in one piece”, says Katie Martin in the Financial Times. The past three months have brought plenty of market madness, from non-fungible tokens and bitcoin to the GameStop share-price surge. The recent Archegos Capital debacle, which revealed “a deep risk-management crisis” at some banks, barely caused stocks to pause for breath. Now more than ever before, as long as markets have “central-bank largesse” to fall back on, everything else seems a sideshow. The dollar confounds expectations America’s S&P 500 index finished the first quarter with a 5.8% rise. Germany’s Dax and Japan’s Topix indices both gained 9%, while the FTSE 100 rose by 4%. Oil has enjoyed “its best start to a year since 2005”, with…

1 Min
russia: cheap for a very good reason

Is it time to buy commodity exporters? Goldman Sachs thinks that the Russian and South African equity indices could be poised to outperform their emerging-market peers, says Sydney Maki on Bloomberg. Both markets are skewed towards miners and other raw materials firms, which should gain from strong global commodity prices. The bank also notes that rising real yields in the US are reducing the relative appeal of alternatives such as Chinese growth stocks. Mebane Faber of Cambria Investment Management says South African stocks began 2021 on a cyclically adjusted price/earnings (Cape) ratio of 16.5. That is a reasonable price, but still more expensive than the FTSE (on a Cape of 14). Russia, on a Cape of just 7.3, is in a different value category entirely. There are good reasons for the steep…