Caspar Rock: 2019 third quarter update

  • The current economic picture is one of slowing growth, but we do not anticipate a recession.
  • No assets can currently be described as "outstandingly cheap". We are closely watching for changes in earnings and margins.
  • Sentiment is far from exuberant: investor behaviour is predominantly defensive, with cash levels higher than average.
  • Risks ahead include ongoing US-China trade disputes and, in the UK, Brexit outcomes.
  • Our positioning continues to be neutral on equities and underweight fixed interest. "We are prepared to be agile if circumstances change. This is a quarter in which we need to be on our toes."

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