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My global economic outlook for Q1 2025
Since I launched Woodford Views in April, I've shared my thoughts on markets, the economy, and the broader trends shaping our world. With 2025 on the horizon, I wanted to share my views on what I think the key drivers of the global economy and financial markets will be in the first part of next year.
My global economic outlook for Q1 2025
Since I launched Woodford Views in April, I've shared my thoughts on markets, the economy, and the broader trends shaping our world. With 2025 on the horizon, I wanted to share my views on what I think the key drivers of the global economy and financial markets will be in the first part of next year.
The Woodford Story part 1
When I launched Woodford Views earlier this year I said I would tell the story of what really happened at Woodford Investment Management. This is the first part of that story.
The Woodford Story part 1
When I launched Woodford Views earlier this year I said I would tell the story of what really happened at Woodford Investment Management. This is the first part of that story.
The art or science of investment decision making
Investment decisions shouldn’t be driven by emotion or FOMO, but by thoughtful analysis and valuation. In this article, I share my approach to evaluating businesses, understanding uncertainty, and finding undervalued opportunities that others might overlook.
The art or science of investment decision making
Investment decisions shouldn’t be driven by emotion or FOMO, but by thoughtful analysis and valuation. In this article, I share my approach to evaluating businesses, understanding uncertainty, and finding undervalued opportunities that others might overlook.
Does Valuation Still Matter?
History tells us that elevated valuations often lead to lower returns, yet US equities continue to climb. Are we ignoring hard truths about investing, or has the market rewritten the rules?
Does Valuation Still Matter?
History tells us that elevated valuations often lead to lower returns, yet US equities continue to climb. Are we ignoring hard truths about investing, or has the market rewritten the rules?
Copy Nothing, Risk Everything?
Jaguar’s bold rebrand and shift to an all-electric lineup by 2026 have sparked intrigue and criticism. European carmakers are racing to adapt to EVs, fierce competition, and shifting customer attitudes.
Copy Nothing, Risk Everything?
Jaguar’s bold rebrand and shift to an all-electric lineup by 2026 have sparked intrigue and criticism. European carmakers are racing to adapt to EVs, fierce competition, and shifting customer attitudes.
Lies, Damned Lies, and Misleading Data
The UK economy grew by just 0.1% in Q3—or did it? Discover why outdated measurement methods distort the story and what this means for productivity and policymaking.
Lies, Damned Lies, and Misleading Data
The UK economy grew by just 0.1% in Q3—or did it? Discover why outdated measurement methods distort the story and what this means for productivity and policymaking.
Very interesting times
The US election results are in, and markets are on the move. With Trump back in the White House and a Republican sweep in Congress, we’re seeing big shifts across equities, bonds, and currencies. But are the markets overestimating the inflationary impact of Trump’s policies?
Very interesting times
The US election results are in, and markets are on the move. With Trump back in the White House and a Republican sweep in Congress, we’re seeing big shifts across equities, bonds, and currencies. But are the markets overestimating the inflationary impact of Trump’s policies?
Trump Wins: Markets React, China Braces
The US election results are in. With Trump’s victory and a Republican-led Senate, what will this new political landscape mean for global growth, inflation, and upcoming central bank decisions?
Trump Wins: Markets React, China Braces
The US election results are in. With Trump’s victory and a Republican-led Senate, what will this new political landscape mean for global growth, inflation, and upcoming central bank decisions?
UK Budget Fallout and the Big Week Ahead
Reflecting on the UK budget and its limited impact on growth, while looking ahead to a major week for global markets with the US elections, China’s stimulus, and potential UK rate cuts.
UK Budget Fallout and the Big Week Ahead
Reflecting on the UK budget and its limited impact on growth, while looking ahead to a major week for global markets with the US elections, China’s stimulus, and potential UK rate cuts.
Budget analysis: Much Ado About… Not Much
Despite political fanfare, the UK budget offers little to shift the economic outlook. With higher taxes and spending but no real impact on growth forecasts, the budget’s medium-term effects are minimal.
Budget analysis: Much Ado About… Not Much
Despite political fanfare, the UK budget offers little to shift the economic outlook. With higher taxes and spending but no real impact on growth forecasts, the budget’s medium-term effects are minimal.
Pre-Budget perspective
As background to today’s much-anticipated budget, I thought I should provide some subjective perspective on some of the key underlying issues that Rachael Reeves will talk about later today.
Pre-Budget perspective
As background to today’s much-anticipated budget, I thought I should provide some subjective perspective on some of the key underlying issues that Rachael Reeves will talk about later today.
Global economic view, October 2024
What’s driving the global economy in 2025? I explore key trends in the US, UK, and China, focusing on inflation, trade tensions, and interest rates. The outlook for the UK may surprise you, but there are still significant challenges on the horizon.
Global economic view, October 2024
What’s driving the global economy in 2025? I explore key trends in the US, UK, and China, focusing on inflation, trade tensions, and interest rates. The outlook for the UK may surprise you, but there are still significant challenges on the horizon.
Popular myth massacre
Unpacking the myths around UK gilt yields and government debt. Discover why the budget deficit has no real impact on long-term yields and what truly drives market rates. Inflation, not debt, is the key player.
Popular myth massacre
Unpacking the myths around UK gilt yields and government debt. Discover why the budget deficit has no real impact on long-term yields and what truly drives market rates. Inflation, not debt, is the key player.
Boring but important
Recent GDP revisions reveal a £60 billion boost for 2024/5, generating £22 billion more in tax revenue. With the ‘black hole’ in the nation’s finances shrinking, the Chancellor now has room to adjust spending without raising taxes. Find out how this could impact the upcoming budget.
Boring but important
Recent GDP revisions reveal a £60 billion boost for 2024/5, generating £22 billion more in tax revenue. With the ‘black hole’ in the nation’s finances shrinking, the Chancellor now has room to adjust spending without raising taxes. Find out how this could impact the upcoming budget.
Clarity plays confusion
Explore the shortcomings of the Bank of England and OBR’s economic forecasting and their impact on UK monetary policy. This blog compares their approach to the clarity of the US Federal Reserve’s communication, highlighting the need for improvement in UK economic governance.
Clarity plays confusion
Explore the shortcomings of the Bank of England and OBR’s economic forecasting and their impact on UK monetary policy. This blog compares their approach to the clarity of the US Federal Reserve’s communication, highlighting the need for improvement in UK economic governance.
UK public debt: a concern?
Explore the UK’s public debt situation, how it grew due to the pandemic and energy crisis, and what its future looks like. This post examines whether the debt is a real constraint on government spending, public services, and economic growth, offering historical and current context to the debate.
UK public debt: a concern?
Explore the UK’s public debt situation, how it grew due to the pandemic and energy crisis, and what its future looks like. This post examines whether the debt is a real constraint on government spending, public services, and economic growth, offering historical and current context to the debate.
A smooth sea never made a skilled sailor
Wild swings in global markets have left investors reeling. Discover what triggered Japan's record plunge and how to navigate such turmoil by focusing on long-term investment strategies.
A smooth sea never made a skilled sailor
Wild swings in global markets have left investors reeling. Discover what triggered Japan's record plunge and how to navigate such turmoil by focusing on long-term investment strategies.
Lucky Labour
I critique the OBR’s inaccurate economic forecasts and explore how underestimations can result in unexpected tax revenue windfalls. This extra revenue could allow the incoming Labour administration to fund its promises without raising taxes.
Lucky Labour
I critique the OBR’s inaccurate economic forecasts and explore how underestimations can result in unexpected tax revenue windfalls. This extra revenue could allow the incoming Labour administration to fund its promises without raising taxes.
Red faces?
The UK economy grew by 0.4% in May, double the expected result. Yet more evidence that the forecast models in use by those overseeing interest rates and fiscal policy are giving them the wrong answers.
Red faces?
The UK economy grew by 0.4% in May, double the expected result. Yet more evidence that the forecast models in use by those overseeing interest rates and fiscal policy are giving them the wrong answers.
General Election 2024: Match Report
In this article we reflect on the outcomes of the 2024 UK General Election, noting the historical peculiarities of UK elections due to the first-past-the-post system
General Election 2024: Match Report
In this article we reflect on the outcomes of the 2024 UK General Election, noting the historical peculiarities of UK elections due to the first-past-the-post system
It isn't the economy, stupid!
Discussing the apparent disconnect between the UK’s robust economic indicators and the political outcomes expected in today's election.
It isn't the economy, stupid!
Discussing the apparent disconnect between the UK’s robust economic indicators and the political outcomes expected in today's election.
The UK tech sector – missing in action?
Why is the UK’s tech sector missing in action on the equity market? Discover the challenges faced by tech companies, why UK innovations thrive abroad, and potential solutions to revitalise the sector.
The UK tech sector – missing in action?
Why is the UK’s tech sector missing in action on the equity market? Discover the challenges faced by tech companies, why UK innovations thrive abroad, and potential solutions to revitalise the sector.
GDP data: here we go again!
Yesterday, the ONS published April's GDP growth number. Although the outcome was better than the consensus expected, it has predictably led to a chorus of negative press.
GDP data: here we go again!
Yesterday, the ONS published April's GDP growth number. Although the outcome was better than the consensus expected, it has predictably led to a chorus of negative press.
General Election
With the General Election date set, many predict a Labour landslide. But history tells a different story. Could we see a surprise in the making?
General Election
With the General Election date set, many predict a Labour landslide. But history tells a different story. Could we see a surprise in the making?
Is China's rally real?
Is the recent rally in China’s equity markets a signal of robust recovery or just a fleeting reprieve? As we dissect China's complex economic strategies and global interactions, find out what these changes could mean for investors and the broader global market.
Is China's rally real?
Is the recent rally in China’s equity markets a signal of robust recovery or just a fleeting reprieve? As we dissect China's complex economic strategies and global interactions, find out what these changes could mean for investors and the broader global market.
Who's in charge of UK inflation?
Are higher interest rates still the remedy for inflation as they have been in the past? I challenge some deep-seated economic theories, suggesting that what we thought we knew might not hold up under current conditions.
Who's in charge of UK inflation?
Are higher interest rates still the remedy for inflation as they have been in the past? I challenge some deep-seated economic theories, suggesting that what we thought we knew might not hold up under current conditions.
The OBR: what would Einstein say?
Challenging the reliance on flawed economic forecasts by institutions like the OBR, which consistently misguides government policy and public opinion. Why do we trust projections that so often miss the mark?
The OBR: what would Einstein say?
Challenging the reliance on flawed economic forecasts by institutions like the OBR, which consistently misguides government policy and public opinion. Why do we trust projections that so often miss the mark?
Can the UK equity market recover?
There are reasons for optimism about the UK equity market's recovery. We look at the transition from Defined Benefit to Defined Contribution schemes, increased capital inflows from these pensions, and the potential for valuation adjustments to begin a mean reversion, suggesting that the historically low prices of UK equities might correct to higher, more typical levels.
Can the UK equity market recover?
There are reasons for optimism about the UK equity market's recovery. We look at the transition from Defined Benefit to Defined Contribution schemes, increased capital inflows from these pensions, and the potential for valuation adjustments to begin a mean reversion, suggesting that the historically low prices of UK equities might correct to higher, more typical levels.
A quarter century of damaging reforms
Examining how regulatory reforms over the past 25 years have reshaped and challenged the UK equity market. A crucial read for understanding the deep and lasting effects on capital growth and economic vitality.
A quarter century of damaging reforms
Examining how regulatory reforms over the past 25 years have reshaped and challenged the UK equity market. A crucial read for understanding the deep and lasting effects on capital growth and economic vitality.
Look behind the spin
Exploring the UK economy's resilience, this blog challenges the prevalent pessimistic narratives. Highlighting discrepancies in housing market data and questioning gloomy economic forecasts from major institutions, we present evidence that suggests a more optimistic economic outlook than commonly portrayed.
Look behind the spin
Exploring the UK economy's resilience, this blog challenges the prevalent pessimistic narratives. Highlighting discrepancies in housing market data and questioning gloomy economic forecasts from major institutions, we present evidence that suggests a more optimistic economic outlook than commonly portrayed.
The UK stock market: not damaged goods
This post explores the reasons behind the UK stock market's underperformance over the last decade (or more) and challenges the common belief that economic performance is to blame. We examine deeper causes, such as regulatory and political influences, and show potential for a promising turnaround for UK equities.
The UK stock market: not damaged goods
This post explores the reasons behind the UK stock market's underperformance over the last decade (or more) and challenges the common belief that economic performance is to blame. We examine deeper causes, such as regulatory and political influences, and show potential for a promising turnaround for UK equities.
UK base rates: how important are they?
Exploring the impact of UK base rates on economic growth, we reveal how broader financial factors might drive a stronger-than-expected economic performance, regardless of rate changes.
UK base rates: how important are they?
Exploring the impact of UK base rates on economic growth, we reveal how broader financial factors might drive a stronger-than-expected economic performance, regardless of rate changes.
Reasons to be Cheerful, Part 3
Part 3 of 'Reasons to Be Cheerful' challenges the notion of 'falling living standards' in the UK, examining the realities of wages, housing, and employment. This final instalment offers a robust argument that despite recent hardships, the UK is poised for a promising period of growth, refuting the pervasive economic pessimism with hard evidence and a dose of optimism.
Reasons to be Cheerful, Part 3
Part 3 of 'Reasons to Be Cheerful' challenges the notion of 'falling living standards' in the UK, examining the realities of wages, housing, and employment. This final instalment offers a robust argument that despite recent hardships, the UK is poised for a promising period of growth, refuting the pervasive economic pessimism with hard evidence and a dose of optimism.
Reasons to be Cheerful, Part 2
Exploring the often grim narrative surrounding UK public finances, offering a fresh perspective on the country’s indebtedness and how government spending, particularly in response to the COVID pandemic and energy crises, has shaped the fiscal landscape.
Reasons to be Cheerful, Part 2
Exploring the often grim narrative surrounding UK public finances, offering a fresh perspective on the country’s indebtedness and how government spending, particularly in response to the COVID pandemic and energy crises, has shaped the fiscal landscape.
Reasons to be Cheerful, Part 1
Contrary to popular belief, the UK economy has performed well against its peers over the last 15 years, and the ingredients are in place for it to continue to perform well. In this first post, we dispel the myth that the UK is and will continue to be a laggard in the G7.
Reasons to be Cheerful, Part 1
Contrary to popular belief, the UK economy has performed well against its peers over the last 15 years, and the ingredients are in place for it to continue to perform well. In this first post, we dispel the myth that the UK is and will continue to be a laggard in the G7.
Introducing Woodford Views
Welcome to Woodford Views' inaugural post. Join me as I share insights from over 35 years in the investment industry, challenging conventional wisdom and exploring the real data behind economic and market trends.
Introducing Woodford Views
Welcome to Woodford Views' inaugural post. Join me as I share insights from over 35 years in the investment industry, challenging conventional wisdom and exploring the real data behind economic and market trends.