Almost one year on and we are still counting sheep. Let’s see how the macro backdrop has changed, or in some cases not, since our post on the subject last summer.
So, we still haven’t managed to get a grip on our insomnia.
I guess that’s the nature of investing – it’s a bit like a game of ‘whac-a-mole’: just as one investment risk seems to have faded, another one pops right up. John has been on the road again talking about what’s keeping the team up at night, most recently at a local government investment seminar.
In case reading this gets you breaking out in cold sweats, you can refer to a recent post from Emiel for some sleep therapy, where he explains how we try to cope with all this uncertainty when investing.
A little like the world depicted in the Lewis Carroll classic, the impact of a Brexit shock on the sterling investment grade credit universe might be the opposite of what investors think it should be.