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MoneyWeek

MoneyWeek

1034

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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Pays:
United Kingdom
Langue:
English
Éditeur:
Dennis Publishing UK
Fréquence:
Weekly
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3 min.
from the editor-in-chief...

“Is the US stock market a bubble? Wrong question. Of course it’s a bubble” Is the US stockmarket a bubble? That’s the question everyone wants answered right now (see page 16). It is the wrong question. Of course it’s a bubble. Choose any valuation metric you like in the US and it will tell you so. Yardeni Research puts the ratio of S&P 500 total market capitalisation to S&P 500 forward sales (an adapted version of the “Warren Buffett indicator” –see page 16) at a record 2.54 times at the end of December, versus 1.88 at the beginning of 2000. A bubble. A full 53% of S&P stocks had forward price/earnings ratios of over 20 times in the first week of January – it was a little higher in June last…

1 min.
legal spat of the week

Artificial intelligence tycoon Mike Lynch (pictured) is facing extradition to the US over fraud charges, says James Cook in The Daily Telegraph, with a hearing in February. The case stems from 2011, when the billionaire sold his software firm Autonomy to US group HP for $11bn. HP wrote off almost its entire value a year after buying it, accusing Lynch of “presiding over amulti-billion dollar fraud”. Lynch denies all allegations, and the UK’s Serious Fraud Office dropped the case in 2015. Ex-cabinet ministers including Sir Vince Cable and David Davis have now signed an open letter to The Times arguing that Britain must not allow the extradition to happen, and that the UK has “surrendered sovereignty” over its justice system for “too long”. Coverillustration: Howard McWilliam. Photos: ©iStockphotos; TRX ©Getty Images…

1 min.
good week for:

DIY companies and their investors have enjoyed booming business during lockdown, with two of the biggest players in the sector reporting strong results this week. Howdens Joinery raised its profit forecasts for the year for the second time in two months, while B&Q and Screwfix-owner Kingfisher reported that sales between 1 November and 9 January had risen by 16.9% compared to the same period in 2019, reports Ali Mitib in The Times. Schroder UK Public Private (SUPP), formerly Woodford Patient Capital Trust, saw its shares jump this week, says Gavin Lumsden on CityWire. The trust is set to make at least £65m after selling one of its portfolio companies, cancer therapist Kymab, for $1.1bn to pharma giant Sanofi. The holding in Kymab was originally bought while the trust was still underr…

1 min.
bad week for:

French foie gras farmers face huge losses following the third outbreak of bird flu in five years, says Adam Sage in The Times. More than 700,000 birds have been culled so far, according to French radio station RFI. Some fear a repeat of 2016-17, when bird flu cost the industry €350m. Around £10m has vanished from a casino in South Korea in what police are treating as a suspected heist, says James Hookway in The Wall Street Journal. Authorities are searching for a female employee who left to go on holiday at the end of last year and never returned. They assume that she had accomplices as even iff the cash was made up of South Korea’s largest denomination notes (50,000 won), the money would have weighed at least 280kg.…

2 min.
bitcoin: fool’s gold or the new gold?

Is bitcoin “fool’s gold” or the new gold? asks James Dean in The Times. The cryptocurrency hit a new record high of $42,000 late last week, only to plunge by more than 20% over the weekend. Yet at around $34,500 in the middle of this week, bitcoin has still rocketed since October, when it cost $11,000. A poor payment option Once the preserve of “basement-dwelling libertarians” who hoped to upend the financial system, today bitcoin is close to becoming a mainstream investment, says The Economist. It turned out to be poor payment option: the network can only handle a few transactions per second. Instead, the new hope is that it could emulate gold as a store of value that sits beyond the reach of government mismanagement. Younger investors appear to prefer digital wallets…

1 min.
markets shrug off us capitol raid

A “lawless mob” storms the US Capitol in a bid to overturn a democratic election, says Michael Mackenzie in the Financial Times. How did “cold-blooded markets” react? After a “brief wobble” they decided to set new all-time highs. Investors are more interested in Georgia, where Democrats last week gained control of the US Senate. That should give the Joe Biden administration more scope for further stimulus measures, helping the current “reflation” stock rally run hotter. The expectation of new stimulus measures has continued to push up yields on ten-year treasury bonds – the benchmark of America’s borrowing costs – which this week hit a ten-month high. Signs that the US economy began to lag at the end of last year have given the stimulus doves another boost. The country shed a…