Notícies i Política

MoneyWeek Issue 971

There's a reason MoneyWeek is Britain's best-selling financial magazine. We exist to help you ground your portfolio so that it keeps your money safe during rough patches and growing in the good times. We don't just look at how to maximise your returns and limit your losses, we also like to look at how you can keep more of the money you've made. 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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51 Números

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3 min.
from the editor-in-chief...

“The next election is going to be all about Brexit, regardless of what the parties claim” The next election is going to be about Brexit. All the parties are going to pretend the vote is about all sorts of other things (austerity, the NHS, housing, education, a vague sense of what does or doesn’t count as competence and so on). But it won’t be true (see page 8). Voters will be choosing between no Brexit with the Lib Dems; negotiated deal (or no deal) with the Tories; and something soft and confusing with Labour (a new softer deal, a referendum, or maybe remain). It’s going to be all about Brexit. The problem is that after the vote it won’t just be about Brexit any more. Right now the general assumption is that…

2 min.
losers of the week

Neil Woodford is perhaps the highest-profile fund manager to have lost a lot of money for his clients in recent years. But he’s not the only one, says Kate Palmer in The Sunday Times. Four others have lost even more money for their clients than Woodford (judged by current asset value at least) and yet “are still reaping huge rewards”. Rod Oscroft at Legal & General charges 1.53% for his Alpha trust, which aims to beat the FTSE All-Share index. It has returned a loss to investors of 17.3% since June 2014 – when Woodford launched his Equity Income Fund – against the index’s rise of 34%. John Dodd of Artemis charged 0.75% for his Global Energy Fund (since sold to Guinness Asset Management) and lost 23%. Tom Nelson runs…

2 min.
the troubled legacy of the euro’s saviour

It is no exaggeration to say that Mario Draghi rescued the euro “in its darkest hour”, writes Simon French in The Times. The outgoing president of the European Central Bank (ECB) handed over the reins to former International Monetary Fund chief Christine Lagarde this week after a tumultuous eight years in the job. “Whatever it takes” In July 2012, borrowing costs for Greece, Italy and Spain were spiking and the single currency was on the verge of being ripped apart. Draghi vowed to do “whatever it takes” to defend the euro. Cowed by the ECB’s display of resolve, markets backed off. That burnished Draghi’s reputation as “the most effective monetary policymaker of his generation”, says French. Since 2013, unemployment in the eurozone has fallen by 11 million to a ten-year low. A…

1 min.
the us dollar looks set to become a lot weaker

“Amid the noise and division of 2019,” the world’s “single most important” price has remained remarkably stable, writes John Authers on Bloomberg. The US dollar is almost “exactly where it was when Donald Trump was elected president” and has been riding high relative to other currencies since 2015. The dollar is the dominant currency in international trade and finance, note Eva Szalay and Colby Smith in the Financial Times. The price of the dollar is “the key driver for monetary policy elsewhere, particularly in emerging markets” (see page 5). A strong dollar means tighter monetary policy worldwide. That is why many in the US and abroad would welcome a weaker dollar, says Authers. It would make US exports more competitive globally – a cherished goal of the Trump administration. In emerging markets,…

1 min.
argentina: new face, old problems

Argentina elected left-winger Alberto Fernández as president on Sunday, with the Peronist triumphing over centre-right incumbent Mauricio Macri. Macri’s term was dogged by an inflation crisis, which ended in a $56bn International Monetary Fund (IMF) bailout. Macri’s “business-friendly” presidency ended in disaster, says The Economist, but the Peronists who preceded him had an “equally calamitous” record. Cristina Fernández de Kirchner, Argentina’s deeply divisive, economically illiterate former leader, is the new vice-president. It remains to be seen how much influence she wields. The new president inherits a government “saddled with more than $100bn in foreign debt”, say Santiago Pérez and Ryan Dube in The Wall Street Journal. The IMF rescue deal is conditional on the austerity measures that “Fernández campaigned against”. Fernández has promised to end the crisis but has no access to…

1 min.

“After we’d sold [the Woodford Equity Income Fund], we had a policy here to say absolutely nothing about why we had sold it... we were really very worried that there would be a run on the fund. We realised that if there was a run on the fund bad things would happen and that is exactly what has happened and we didn’t want anything to do with that... We had lost confidence with what was happening with the fund. When we had started there were six unquoteds in the fund and by the time we’d sold there were 45... You effectively had a situation there where someone was effectively and certainly by the end... pushing [the rules] to the absolute limit... Ithink it would be fair to say that if…