Article last updated 20 January 2023.
Over the last six weeks, leading indicators of economic output have continued to deteriorate. Inflation continues to be the primary scourge, and the uncertainty it is generating regarding future interest rates, profits and jobs is profound.
The good news is that after some hefty declines in valuations, a considerable amount of that uncertainty is compensated for many companies that we favour. Still, the macro-economic risks remain substantial, and Ed explains in this video why we think it makes sense to remain defensively positioned.
You can also read our quarterly investment update here.
