From ‘atoms’ to ‘bits’: COVID-19 as an accelerant for the digitisation of the economy

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The last six months have been profoundly transformational, with the COVID-19 shock acting as an accelerant for the digitisation of the economy. This radical transition is especially advantageous for asset-light

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01 Sep 2020

The great influenza – the story of the greatest modern pandemic and its lessons for 2020 and beyond

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The world now faces another major pandemic. While the death toll in the current pandemic is still but a fraction of the greatest modern pandemic – the 1918 Spanish flu

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25 Aug 2020

Inoculating markets from economic influenza – investing in a post-COVID world

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Economic uncertainty existed before the COVID-19 pandemic, but investment performance depends on more than economic fundamentals, according to GSFM and its fund manager partners Payden & Rygel, Munro Partners and

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30 Jul 2020

Global small caps – An underappreciated and underutilised alpha sleeve

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Many investors and advisers recognise that a diversified portfolio should include an allocation to equities across the market capitalisation spectrum. This allows investors to capture the “small-cap premium” which has

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20 Jul 2020

RBA continues to eschew a negative rates policy

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While acknowledging the severe damage to the economy from the COVID-19 crisis and the now elevated potential risks of ‘second wave’ COVID-19 infections, the Governor and RBA Board continue to

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09 Jul 2020

Volatility stirs as fears grow over a ‘second wave’ and IMF downgrades global growth outlook

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Key points: Market sentiment has turned negative on concern that the spreading coronavirus could force policy makers to slow the pace, or reverse, business re-openings. The International Monetary Fund downgraded

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26 Jun 2020

GSFM’s Stephen Miller comments on the Federal Reserve June statement

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Fed forecasts no increase in rates until at least the end of 2022 The Federal Reserve projected interest rates will remain near zero through 2022 with the Fed’s ‘dot plot’ revealing a

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12 Jun 2020

The outlook for dividends in a world of yield starvation

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There remains much uncertainty regarding the depth, breadth and length of the COVID-19 recession. For example, the Global Economic Policy Uncertainty Index (compiled by academics from Stanford, Chicago, and Northwestern)

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21 May 2020

Is negative interest rate policy a ‘cure’ worse than the disease?

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Interest rates, as the Boss would say, are goin’ down, down, down, down. However, are the potential outcomes of negative interest rate policy (NIRP) worthwhile? The Economics Team at GSFM’s

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29 Apr 2020

Is ESG just warming up?

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Whether ESG factors are truly ‘alpha’ factors equivalent to their Value, Momentum, Quality and Low Volatility counterparts remains a contentious issue within the investment community. In this article from GSFM’s

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09 Apr 2020