In a world of negative real interest rates, record global debt levels, generational high PE’s, rampant speculation, populist politics, and a virus that is claiming thousands of lives a day, it is difficult to be comfortable investing other people’s wealth.

Uncomfortable Investor – Global Outlook & Strategy Q1 2021

“If there is one common theme to the vast range of the world’s
financial crises, it is that excessive debt accumulation, whether
by the government, banks, corporations, or consumers, often
poses greater systemic risks than it seems during a boom.”
Carmen Reinhart, 2009

• Challenging investment environment, valuations stretched
• To protect & preserve capital, remain diversified across assets
• We have a value bias in equities
• There is a high level of speculation evident in markets
• Debt is uncomfortably high in the event of rising interest rates

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