Two European Chemicals companies were added to the portfolio last week.

Bank of America last week published its 2025 market outlook.

This year, the US stock market has returned +26%.

Trump’s second term presents both opportunities and risks for the portfolio.

The portfolio has suffered from weak relative performance lately.

US outperformance this year extends a trend that has been in place since 2009.

The 2024 US presidential election will be held on 5 November.

The stock market feels strange.

The portfolio fell a few per cent last week.

Markets have had to digest a few surprises over the past couple of weeks.

Santander is a large global bank serving 168 million customers.

Let’s take a look at portfolio holding Unite Group.

Our portfolio hit a new all-time high last week.

30% of the portfolio is invested in European real estate.

The 2020s will offer many opportunities to make money from major macro events and trends.

Today people got scared and sold simply because others were selling.

What is the outlook for the global economy over the next 10 years?

Three European banks were added to the portfolio last week.

The portfolio has been moved to a neutral posture.

Last week was disappointing.

Are stocks cheap or expensive?

Most of us have too much in bonds.

The market has been kind to our portfolio this year.

The stocks in the portfolio have reported good results.

The US economy is doing well.

Last week’s earnings confirm the thesis I have about European banks.

European banks started to report Q1 earnings last week.

Trading the headlines can be difficult.

I am turning tactically bullish on China.

My portfolio is fully invested in 16 companies.

Inflation has inflected higher.

I would not like to bet against the market at this point.

Our portfolio is in banks, insurance companies and energy companies.

It is still too early to sell, in my view.

European banks have become safer.

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It would be dangerous to look at past 10-15 year returns when evaluating Value stocks.

What can we say about the prospects of the US vs the rest of the world?

The Q4 earnings season started on Friday.

2024 has started positively.

2023: +32%

Many investors will be wondering if the market can go higher from here or if it might be a good time to sell.

The annual eToro Popular Investor Summit took place in Abu Dhabi last week.

The investment case for banks remains strong from these levels.

My thesis about banks has not yet played out.

Why are there still active asset managers?

There is no clear signal about market direction either way.

The market has become oversold.

The ???????????????????????????????????? ???????????????????? published an article this weekend about copy trading.

I hold a positive view on the stock market for Q4.

Holding EU banks may now be risky.

ING shares may be undervalued.

60% of fund managers have no direct stake in the performance of their funds.

A successful investor cannot base their strategy only on published results.

Why are bank stocks so cheap?

Investors are currently spoilt for choice.

Over the past 10 years, investors lost to the funds they invested in by 1.7% a year.

If the economy experiences a soft landing, we would expect commodities and banks to perform well in H2 2023.

Many investors were cautious at the beginning of the year, but the market ($SWDA.L) has returned +19% for the year to date, our portfolio +20%.

Inflation is finally starting to come down. Owing to elevated wage growth (6%), inflation is running at a high rate (5%). www.atlantafed.org/chcs/wage-growth-tracker www.clevelandfed.org/en/indicators-and-data/inflation-nowcasting However, trend

The first half of the year closed with a +13% return. It was a good start to the year in absolute terms, but in relative

Our strategy has performed poorly since the end of January, with a -7% return. Banks, our main focus, have underperformed this year. A few banks

Growth stocks extended their lead over Value stocks last week. $VUG has beaten $VTV by 30 percentage points this year (+32% vs +2%). Given the

After sell-offs in 2011, 2016, 2018 and 2020 banks rebounded strongly.

In May, Technology stocks beat the rest of the market by the widest margin since October 2001.

May has been a weak month for our strategy and Value stocks in general.

2023 has been a tough year for Value investors.

For the first time since 2021, there is the possibility of some real money being made over the next 12 months.

The regional banking crisis in the US spread to new companies

Investors still view European banks with skepticism and indifference.

If bank earnings continue to come in strong, we believe bank shares could bounce.

A confusing market environment with both bullish and bearish arguments.

There are many interesting seasonal patterns in the markets.

Our strategy returned +14% in Q1, beating the MSCI World index by 6 percentage points.

It looks like the first quarter of 2023 will end with a gain for stocks.

2023 has been a tough year for Value stocks.

All our US and European bank positions were sold on Friday, moving the majority of the portfolio into cash.

We expect the market to fall in 2023, but see scope for near-term strength over the next 1-2 months.

We do not get a clear signal about near-term market action and choose to run a relatively cautious portfolio.

We took profits on the majority of our risky cyclical stock positions last week after turning more cautious on the near-term outlook for the market.

Individual investors have turned optimistic for the first time since early 2022.

Several Wall Street strategists are warning that the stock market rally has gone far enough and stocks will soon reverse course.

A strong start to the year +14%.

Our base scenario is that the market continues to rally over the next 1-2 months.

A year rarely starts as well as 2023 has done.

2022 was a strong year for our strategy.

Despite current economic resilience, investors remain pessimistic about next year. Could this be wrong?

In 2022, part of the bubble in Growth stocks deflated as Value stocks beat Growth stocks by 20 percentage points.