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Skerritts View 

Keep up to date with our  'Market Commentary'  from Andrew Merricks , our Head of Investments.

Andy's insightful and authoritative views on the Investment world  are highly saught by the Financial Press.

Andy's expert opinion has also gained him a place  on the  The Portfolio Adviser panel of judges who vote for the Portfolio Adviser Fund Awards. They are all high-profile fund professional fund selectors, everyone from fund of funds managers to high net worth wealth managers to third-party fund ratings experts. 

Andy is also  a member of the Investment Trusts  expert panel of Independent Investment Advisers where the aim is to select a share outperforming the All-Share Index as well as to generate double-digit capital gains.  Andy 'was the outstanding performer' in 2010 for his share tip., and again in 2011 Andy demonstrated 'the best individual performance' for his share selection. 

Please note that these are our opinions and for information only. The content should not be taken as a recommendation of any investment and does not constitute advice. The value of investments can fall as well as rise and past performance is not a guide to the future. The information contained within this document is for guidance only and is not a recommendation of any investment or a financial promotion.

  • The Themes That Keep Giving

    Skerritts View - September 2018

    We were pleased to see our range of funds and model portfolios continue to nudge new highs last week, whilst remaining fully aware that things don’t keep going up forever. We have repeatedly explained over recent years how we view the world thematically rather than geographically, and this approach seems to be rewarding our investors well. 

  • Bored of the Trade War Chat?

    Skerritts View - August 2018

    Mentioning the words “trade war” is beginning to become an even quicker way of ridding yourself from an unwelcome conversation than the age-old, tried and trusted method of saying, “but let me show you my holiday snaps”. The transfer window is the only comparable topic about which so much is speculated by so many who actually know so little. Unfortunately, whether Real Madrid will land their man has slightly less ramifications for the world than the limits to which the US and China are prepared to poke and prod each other. 

  • Is The Bubble In Complacency Still Inflating?

    Skerrits View - July 2018

    In November last year we began our monthly report by suggesting that a bubble in complacency had inflated. After a year of synchronised global growth, markets everywhere had risen and volatility as measured by the VIX index was at an all-time low. Passive funds were outselling active funds by a healthy margin which is often indicative of a mature bull market. If you buy a passive fund you are actually making an active decision to “buy everything”, which one supposes that you would only do if you had confidence that “everything” was going up for a long time. 

  • Trying Hard to Keep Up

    Skerritts View - June 2018

    The world is shocked to hear that the main combatants in the US-North Korea spat are going to meet up and chat things through over a cup of tea in Singapore while at the same time sanctions are announced against Iran by the US in a reversal of the negotiated plan between the previous US administration and Tehran. China and the US appear to have stepped back from a harmful trade war and the Italians prepare to go to the polls with the least likely outcome seeming to be a coalition between the Roman equivalent of parties led by Corbyn (5S) and Farage (Lega).


  • Catalysts and Causes

    Skerritts View - May 2018

    Many column inches have been written (including here) trying to work out why markets fell in February this year, and have generally struggled to reclaim the previously held territory that they had risen to occupy throughout December and January. Numerous causes have been suggested, including Trump and trade skirmishes, Trump and Syria, Trump’s Twitter politics, Trump’s style of diplomacy, Trump versus Amazon, Trump’s hairstyle (to be clear, we have not actually seen this one mentioned but we’re sure it’s out there somewhere…). They are all wrong. These are not the causes; they are the catalysts.

  • How Scared Should We Be?

    Skerritts View - April 2018

    In our February 2016 edition of this monthly bulletin, we made the cheery observation of the world that we live in: “The last time it was like this? Just before WW2. And before that? Just before WW1”. To be fair, we were repeating the thoughts of Marko Papic, the Geoplitical Editor for BCA Research and  he was referring to the growing multipolarity that was following the retreat from the Middle East of the United States, the re-emergence of Russian nationalism, the emergence of China as an economic superpower and the migrant crisis across mainland Europe.

  • Trying To Be Like Warren Buffett Is To Look Foolish – No, Really It Is:

    Skerritts View - March 2018

    Great people have a knack of making you feel at ease. Probably the best known investor on the planet, Warren E Buffett, has recently issued his 2018 letter to investors in the Berkshire Hathaway fund that he heads in the US and in it he dispenses nuggets of sage advice for those who want to make better investment decisions.

  • The Least Surprising Surprise Sell-Off

    Skerritts View - February 2018

    It’s almost comical how the sell-off in global stocks that began around the 1st February and is continuing as this piece is being written seems to have caught so many people by surprise. Akin to a poor joke in a US sitcom, the lead up has been painstaking and the delivery is just as bad. But you can’t say that you didn’t see it coming.

  • Will MIFID II Fuel the Next Correction?

    Skerritts View - January 2018

    The short answer to this question is probably, no, not exactly. It is unlikely to cause it. However, we strongly suspect that it will have exactly the opposite effect on retail investors to the protectionary ideal against which it has been introduced. We suspect that, because of one aspect in particular of the new MIFID II regulations that have been brought in since January 3rd, retail investors will most likely be worse off as a result. 

  • A Bubble in Complacency

    Skerritts View – November 2017

    The investment world loves a bubble. In recent times we’ve had bond bubbles, equity bubbles, property bubbles, technology bubbles….a bit like supporters of a certain East End football club, we’re forever blowing them. So has a new one inflated?

  • Curiosity, Tenacity and Integrity

    Skerritts View - October - 2017

    When asked recently what she considered to be the most important characteristics that made a successful fund manager, Anne Richards (Chief Executive of M&G Investments) stated, “curiosity, tenacity and integrity.” 

  • Haven or Horror?

    Skerritts View – September 2017

    The last time that there was a meaningful correction was in the January of 2016. At the time, we were quite confident that the markets were due a tumble of some proportion and so we tried to defend our portfolios by going overweight absolute return funds.

  • What is the solution when the biggest credit bubble of all times bursts?

    Skerritts View – August 2017 

    We said at the end of our last piece that we would address this question this time. So, what do you do when the level of global debt has stretched so far that it becomes impossible to pay it back without the Central Banks stepping in to do it for you?

  • It is Different This Time

    Skerritts View - July 2017

    One of the first things that you learn when you embark upon an investment career is the phrase coined by Sir John Templeton, “the four most dangerous words in investment are “it’s different this time”. 

  • Low Volatility Does Not Equal Lower Risk

    Skerritts View - June  2017

    There has been quite a lot of discussion recently regarding the low volatility that exists in equity markets at present. We have highlighted previously in this publication how the complacency index is at a historic low, and how we consider that to be a warning sign rather than a consoling one.

  • Buy in May and Stay In Play

    Skerritts View - May  2017

    The word “May” seems to be everywhere at the moment. We thought that it would be useful to check the Oxford English Dictionary definition of exactly what it means...

  • Now BREXIT Really Begins

    Skerritts View - April 2017

    Finally Theresa May triggered Article 50 with the presentation of the required letter to Donald Tusk, President of the European Council, who looked suitably sad.

  • The Long Term Is Getting Shorter (2)

    Skerritts View - March 2017

    Last month we suggested that short termism was making it harder to invest for the longer term. 

  • The Long Term Is Getting Shorter

    Skerritts View - February 2017

    Amongst all the other changes that we’re seeing in our world, one thing that is becoming ever clearer is that the long term is getting shorter. 

  • Let’s Forecast What Won’t Happen This Year

    Skerritts View - January 2017

    The beginning of a year invariably sees many so called “experts” forecasting with a degree of confidence what will happen during the forthcoming calender year. 

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