Notícies i Política

MoneyWeek Issue 972

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

“A big part of the rise in wealth inequality is simply about people living longer” The growing wealth gap in the US is, says billionaire investor Ray Dalio in the Financial Times, a national emergency. If we don’t do something about it, he says, “we are all going to try and kill each other”. In general, I think it is better for multibillionaires to refrain from 1) criticising the system that made them multibillionaires, and 2) suggesting ways for other people to have fewer chances of becoming multibillionaires than they had. You can’t negate your own use of system failure by demanding the system be fixed when you have finished with it. And it isn’t nice to demand that the “rich” are soaked when you yourself are so rich that no tax…

2 min.
art scandal of the week

Prince Charles has found himself at the centre of an art scandal, reports The Mail on Sunday, after several paintings loaned to Dumfries House, HQ of The Prince’s Foundation, were alleged to be fakes. US forger Tony Tetro says that an image of water lilies, valued at £50m, is by him, not Claude Monet. Other fakes include a £42m “Picasso” and a £12m “Salvador Dali”, alleges the Mail. The pieces are among 17 lent to the prince by businessman James Stunt. Tetro, who has spent time in prison for art forgery, says he sold 11 paintings to Stunt. “You can impress your friends with [them]... but they would never pass expert scrutiny.” Stunt has apologised for any embarrassment caused, but insists that “none of my stuff is fake”. Good week for: Lewis…

2 min.
stocks fear hurricane corbyn

“The winds of misery whipping the Square Mile are reaching gale force”, says Lucy Burton in The Daily Telegraph. With few trusting the polls, bankers and investors don’t know whether an “unprecedented hurricane” in the form of Jeremy Corbyn will be hurtling their way on 12 December. Political uncertainty hasn’t had much impact on stocks so far, however. The FTSE 100 and FTSE 250 finished last month barely changed despite some dramatic swings up and down. Shares seemed to be more affected by Chinese data and Federal Reserve announcements (see page 5) than developments in Westminster. Shareholders tend to vote Tory As for previous elections, research by investment platform Hargreaves Lansdown in 2015 found that since 1970 the stockmarket has on average performed twice as well when the Tories are in power compared…

1 min.
the british equity market is shrinking

Who needs the stockmarket? British start-ups are increasingly turning to deep-pocketed Silicon Valley venture capitalists rather than public markets for their investment needs, say Peter Evans and Ben Woods in The Sunday Times. That has profound implications for retail investors. Take recipe-box company Gousto, which is on track for £100m in sales this year. A business at the centre of the booming trends for healthy eating and home delivery would once have been a prime candidate for a public listing, yet founder Timo Boldt has no plans to float any time soon. “We were oversubscribed with our last funding round and it meant we could choose our investors,” he says. Businesses that are already listed are also going private. Last month brought the buyout of cybersecurity outfit Sophos by US private…

1 min.
no need for fed’s third rate cut

The US Federal Reserve delivered its third, and probably final, interest rate cut of the year last week. The quarter-point reduction means that borrowing costs in the world’s largest economy now sit between 1.5% and 1.75%. Quite why an economy at “full employment, chugging along at its sustainable growth rate of about 2%” needs a rate cut escapes me, says Irwin Stelzer in The Sunday Times. Fed chairman Jerome Powell worries that bad manufacturing data shows that the economy is slowing, but “free-spending” consumers (who after all account for around 70% of the economy) are keeping things ticking along just fine. At least Powell indicated that “that’s it for this year and probably next”. It will take a “horror show” for Powell to cut rates further, agrees John Authers on Bloomberg. The…

1 min.

“Imagine a stock that [boasted] margin expansion and earnings-per-share [EPS] growth, but had got cheaper... this scenario is reality, but on a regional basis… We looked at three components – margin expansion, multiple expansion and other EPS growth – to determine total return across four regions over the whole cycle: the US, Japan, Europe ex-UK and emerging markets… the US experienced growth in all the three components of return. Emerging markets have [seen] margin contraction, but at least the multiple got cheaper. Europe [has become] more expensive via multiple expansion, while experiencing a contraction in margins and other EPS growth. The standout... is Japan [with] margin expansion of 2% annualised, and other EPS growth of 0.75%, while multiples have fallen by 2.75%… Japan is becoming cheaper despite having got operationally…