Masking the Symptoms

This note, published in tandem with the Centre of Policy Studies paper, examines the investment implications of current monetary policy. While we have misgivings as to the efficacy of current monetary and fiscal policy , in terms of supporting sustainable productive growth, it leads us to a conclusion that equities remain the best hedge given likely policy choices. The bond bubble may continue for now, but this is an asset class that is very unattractive in our view. This note is available to our subscribers. if you would like a copy please contact us at