NEWS & ANNOUNCEMENTS A Wealth of Knowledge

Giving you a window on the latest financial news and trends, and offering
our insights into what they will mean for you.

6 August 2025

Navigating the crypto hype

The cryptocurrency (crypto) landscape, and that of other digital assets, continues to evolve. Recent headlines – coinciding with the rise in the price of cryptocurrencies such as Bitcoin - have reignited interest. Technological innovations in the crypto space are, without a doubt, exciting. Yet, despite the noise, our message remains consistent: for most investors, there is no need to alter portfolios to gain exposure to this volatile and speculative investment opportunity. Ironically, once the poster child for decentralisation, crypto is now deeply enmeshed in politics. As The Economist recently noted, the industry has become “the ultimate swamp asset” - a magnet for lobbying, regulatory arbitrage, and self-dealing . The approval of spot Bitcoin ETFs in the US in early 2024 was hailed as a milestone. Yet this development changes little for long-term investors. The underlying volatility, lack of intrinsic value, and speculative nature of crypto remain unchanged. Legislation may become more supportive in time towards crypto, but that alone does not change the underlying characteristics of Bitcoin and many other cryptocurrencies. Crypto is not ignored, but considered as part of the regular and thorough review process of investment portfolios (along with many other possible investment opportunities). In this short note we investigate three points relevant to investors in a diversified portfolio considering a distinct allocation. The investment solution we recommend to you is the result of the risk-focused approach adopted by our Investment Committee.
27 June 2025

The price of innovation

In the ever evolving world of investing, Artificial Intelligence (AI) has become a buzzword synonymous with innovation and the promise of high returns. But its integration into investment portfolios raises important questions: Should investors back companies adopting AI technologies (who isn’t, at this point?) because they might gain an edge? What about firms producing raw materials used to meet the increasing demand for infrastructure to power AI models? The list goes on.
9 June 2025

From letting to regretting

Individuals have been obsessed with property for several decades. Is buy-to-let property really a substitute for a well-invested pension pot? Is it a sensible choice in the face of low yields from deposits? When one takes a closer look at the financial and emotional burdens of managing buy-to-let property, the case for property may be less clear cut than some imagine. Sensibly structured pensions invested in robustly structured portfolios have a central role to play in most investors’ retirement planning.
29 April 2025

Annual returns of stock markets

The annual returns of markets are unpredictable and can vary significantly from year to year. This randomness is a fundamental characteristic of financial markets. The graphic below shows that the distribution of stock market returns for each calendar year since 1927 forms a bell-shaped curve. This visual representation highlights the range of outcomes that can occur, from exceptionally good years to notably bad ones.
11 April 2025

Stock markets this month, 10th April 2025

We understand that the recent volatility in the stock markets, witnessed particularly in the last few weeks, may have caused concern for some. We are writing to you to remind you that such fluctuations are normal and part and parcel in investing and, while unsettling, they are factored into the comprehensive financial planning process we undertake for you.
11 February 2025

Understanding and managing ‘sequence risk’

Most investors are concerned about the future returns of their portfolio, despite the expectation that a well-structured, globally diversified balanced portfolio should yield positive returns after inflation over most 10- and 20-year periods. When an investor withdraws money from their portfolio regularly, such as to fund their retirement lifestyle, the sequence of portfolio returns they experience can significantly impact financial outcomes, even if the average return is as expected. This phenomenon is known as 'sequence risk’. However, if no withdrawals are made, the order of returns does not affect the outcome, because 3 X 2 X 1 yields the same result as 1 X 2 X 3. Why does withdrawing money from a portfolio make a difference? Simply put, withdrawing money early in retirement, especially during market downturns, can swiftly and significantly deplete the pot needed to generate many years of future expenses. A clear example is a £1 million global equity portfolio invested from 2000 to 2023, with annual withdrawals of £50,000. This period, which began with the tech-driven crash of 2000-2003, would have seen the portfolio rapidly depleted and eventually exhausted. Conversely, reversing the sequence of returns (from 2023 to 2000) would leave an investor with roughly the same amount of money as they started with. The same average return, but with a different sequence, yields a very different outcome.
14 January 2025

2025: Looking backwards and forwards

Being an investor can be emotionally challenging. If we have a bad year (like 2022), we feel uncomfortable, and even after a couple of good years (2023 and 2024), we may still worry that some of the gains made might be lost going forward. This emotional asymmetry, where the pain of losses is felt twice as deeply as the pleasure of gains, is an innate bias that has deep evolutionary roots. While it kept us alive in our ancient past, it can be a hindrance for investors.
6 December 2024

Playing the five key probabilities for investment success

In life we make probability-driven choices all the time (can I cross the road safely, despite that approaching car? etc.). By-and-large, we weigh up the uncertainty involved, the upside on offer and then dive right in. Not all our decisions are optimal. Did we understand the risks fully? Did we know what the up and downside consequences were and, importantly, the likelihood of them happening? When it comes to investing, we face similar challenges, but fortunately we have a wealth of market data and evidence to help us make better informed decisions around where the probability of success lies. To avoid the serious consequences of getting it wrong, e.g. building too small a pot to retire comfortably on, or running out of money in retirement, there are five key probability-based choices to focus on.
26 November 2024

Diversifying in the US

As the year draws to a close, 2024 truly has been the year of elections. This year, it was forecasted that more voters than ever, across 64 countries, would head to the polls to cast their votes on the future leadership of their countries . The Presidential election in the US, as a significant global power and a dominant exposure in investors’ portfolios, naturally gathered a lot of attention. Donald Trump’s resounding victory saw him not only claim the White House but the coveted trifecta – the presidency plus both chambers of Congress (the House and the Senate). Regardless of one’s political or economic views, the world will be keeping a close eye on what comes next for the US.
5 November 2024

Presidents change, markets remain

Another four years have flown by, and here we are again, on the morning of the 60th U.S. presidential election. The U.S. president is often considered one of the world’s most powerful figures, wielding substantial influence over the world’s largest economy and one of its most formidable militaries, albeit limited by a system of checks and balances through Congress. Perhaps it is understandable that the media, politicians, celebrities and business owners alike wish to make their voice heard during campaign season… it is noisy time of year!

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