
Weekly Newsletters
14 May 2021 | William Buckhurst
That Was The Week That Was
MACRO
- US inflation surged from a year earlier as consumer prices jumped 4.2% in the 12 months through to April, up from 2.6% in March and marking the biggest increase since September 2008
- European Central Bank policymakers said growth and inflation in the eurozone are more likely to overshoot expectations
COMMENT OF THE WEEK
James Anderson, the outgoing manager of Scottish Mortgage Investment Trust, urged successor Tom Slater and deputy manager Lawrence Burns to 'please help Scottish Mortgage become more unreasonable and more distinctive as the pressures of the investment world continue to pull at us.' Declaring his greatest regret while running the fund was being 'insufficiently radical,' Anderson added: 'We need to remain eccentric. In fact, we need to become more so and more prepared to be radical.'
COMPANY NEWS
- AT&T was said to be nearing a deal to combine its content unit Warner Media with rival Discovery
- Diageo said that it now sees full year profit growth to be at least 14% and noted that following strong performance in the first half, it was recommending restarting its capital return programme
- Another victory for large tech as Amazon won its bid to reject a €250m tax bill after EU regulators failed to show that Amazon was given special tax treatment by Luxembourg in violation of state aid rules
FUNDS
Taylor Maritime announces plans to raise $250m to take advantage of historic low pricing in second-hand geared ships with average yields in excess of 7%
SMALL-CAP NEWS
Seaspiracy is one of the most popular programmes on Netflix at the moment and a benefactor of this topic last week was Agronomics. The cultivated meat specialist raised £62.5m as more investors wanted to add some exposure to the Jim Mellon backed business. This money will go towards backing current investments and they got to work quickly with a further £169k invested into Meatable. The other underlying company to look out for is BlueNalu a company that has a mission statement to be “the global leader in cellular aquaculture”.
THIS WEEK IN HISTORY
1866: London banking house Overand, Gurney, & Co. fails. The bank owed £11m to its clients at the time. Its failure would lead to a severe but brief financial panic, hitting the shipbuilding industry the hardest. It is estimated that 86% of London shipbuilding companies would fail as part of the panic
1965: Warren Buffett is mentioned in the Wall Street Journal for the first time. The article covered the news from the previous day that Berkshire Hathaway president Seabury Stanton has stepped down due to disagreements with an “outside interest” that has gained a controlling stake in Berkshire Hathaway. That interest was Warren Buffett, who began buying up the company’s shares in 1962, but accelerated purchases in 1964 to own 40% of the company
MARKET DATA
% returns |
1 Week |
1 Month |
1 Year |
5 Years |
UK Equities (% return GBP) |
-1.90 |
1.20 |
24.55 |
35.11 |
World Equities (% return GBP) |
-3.32 |
-2.38 |
28.10 |
103.25 |
10 Year US Treasury Yield (%) |
1.63 |
1.64 |
0.76 |
1.71 |
GBP / USD (fx rate) |
1.41 |
1.38 |
1.22 |
1.44 |
As at 14th May 2021. Source: Financial Express
This publication has been produced by Vermeer Investment Management Limited (VIM) trading as Vermeer Partners. It is provided for information purposes only. VIM makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any data included in this publication. VIM will not treat unauthorised recipients of this publication as its clients. Prices shown are indicative and VIM is not offering to buy or sell or soliciting offers to buy or sell any financial instrument. Without limiting any of the foregoing and to the extent permitted by law, in no event shall VIM, nor any of its officers, directors, partners, or employees, have any liability for (a) any special, punitive, indirect, or consequential damages; or (b) any lost profits, lost revenue, loss of anticipated savings or loss of opportunity or other financial loss, even if notified of the possibility of such damages, arising from any use of this publication or its contents. Other than disclosures relating to VIM, the information contained in this publication has been obtained from sources that VIM believes to be reliable, but VIM does not represent or warrant that it is accurate or complete. VIM is not responsible for, and makes no warranties whatsoever as to, the content of any third-party website referred to herein or accessed via a hyperlink in this publication and such information is not incorporated by reference. The views in this publication are those of the author(s) and are subject to change. VIM has no obligation to update its opinions or the information in this publication. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the client who receives it. Any securities discussed herein may not be suitable for all investors. VIM recommends that investors independently evaluate each issuer, security or instrument discussed herein and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results. This material has been issued and approved for distribution in the UK by VIM.
©2021 Vermeer Investment Management Limited. All rights reserved. No part of this publication may be reproduced or redistributed in any manner without the prior written permission of VIM. VIM is authorised and regulated by the Financial Conduct Authority (FRN: 710280) and is incorporated in England and Wales (company number: 09081916).
Other Recent Weekly Newsletters
That Was The Week That Was
13 May 2022
That Was The Week That Was
06 May 2022
That Was The Week That Was
29 April 2022
That Was The Week That Was
22 April 2022
That Was The Week That Was
15 April 2022
That Was The Week That Was
08 April 2022
That Was The Week That Was
01 April 2022
That Was The Week That Was
25 March 2022
That Was The Week That Was
18 March 2022
That Was The Week That Was
11 March 2022
That Was The Week That Was
03 March 2022
That Was The Week That Was
25 February 2022
That Was The Week That Was
18 February 2022
That Was The Week That Was
11 February 2022
That Was The week That Was
04 February 2022
That Was The Week That Was
28 January 2022
That Was The Week That Was
21 January 2022
That Was The Week That Was
14 January 2022
That Was The Week That Was
07 January 2022
That Was The Week That Was
17 December 2021
That Was The Week That Was
10 December 2021
That Was The Week That Was
03 December 2021
That Was The Week That Was
26 November 2021
That Was The Week That Was
19 November 2021
That Was the Week That Was
12 November 2021
That Was The Week That Was
05 November 2021
That Was The Week That Was
29 October 2021
That Was The Week That Was
22 October 2021
That Was The Week That Was
15 October 2021
That Was The Week That Was
08 October 2021
That Was The Week That Was
01 October 2021
That Was The Week That Was
24 September 2021
That Was The Week That Was
17 September 2021
That Was The Week That Was
10 September 2021
That Was The Week That Was
03 September 2021
That Was The Week That Was
27 August 2021
That Was The Week That Was
20 August 2021
That Was The Week That Was
06 August 2021
That Was The Week That Was
30 July 2021
That Was The Week That Was
23 July 2021
That was The Week That Was
16 July 2021
That Was The Week That Was
09 July 2021
That Was The Week That Was
02 July 2021
That Was The Week That Was
25 June 2021
That Was The Week That Was
18 June 2021
That Was The Week That Was
11 June 2021
That Was The Week That Was
04 June 2021
That Was The Week That Was
28 May 2021
That Was The Week That Was
21 May 2021
That Was The Week That Was
14 May 2021
That Was The Week That Was
07 May 2021
That Was The Week That Was
30 April 2021
That Was The Week That Was
23 April 2021
That Was The Week That Was
16 April 2021
That Was The Week That Was
09 April 2021
That Was The Week That Was
02 April 2021
That Was The Week That Was
26 March 2021
That Was The Week That Was
19 March 2021
That Was The Week That Was
12 March 2021
That Was The Week That Was
05 March 2021
That Was The Week That Was
26 February 2021
That Was The Week That Was
19 February 2021
That Was The Week That Was
12 February 2021
That Was The Week That Was
05 February 2021
That Was The Week That Was
29 January 2021
That Was The Week That Was
22 January 2021
That Was The Week That Was
15 January 2021
That Was The Week That Was
08 January 2021
That Was The Week That Was
18 December 2020
That Was The Week That Was
11 December 2020
That Was The Week That Was
04 December 2020
That Was The Week That Was
27 November 2020
That Was The Week That Was
20 November 2020
That Was The Week That Was
13 November 2020
That Was The Week That Was
06 November 2020
That Was The Week That Was
30 October 2020
That Was The Week That Was
23 October 2020
That Was The Week That Was
16 October 2020
That Was The Week That Was
09 October 2020
That Was The Week That Was
02 October 2020
That Was The Week That Was
25 September 2020
That Was The Week That Was
18 September 2020
That Was The Week That Was
11 September 2020
That Was The Week That Was
04 September 2020
That Was The Week That Was
28 August 2020
That Was The Week That Was
21 August 2020
That Was The Week That Was
14 August 2020
That Was The Week That Was
07 August 2020
That Was The Week That Was
31 July 2020
That Was The Week That Was
24 July 2020
That Was The Week That Was
17 July 2020
That Was The Week That Was
10 July 2020
That Was The Week That Was
03 July 2020
That Was The Week That Was
26 June 2020
That Was The Week That Was
19 June 2020
That Was The Week That Was
12 June 2020
That Was The Week That Was
05 June 2020
That Was The Week That Was
29 May 2020
That Was The Week That Was
22 May 2020
That Was The Week That Was
15 May 2020
That Was The Week That Was
08 May 2020
That Was The Week That Was
01 May 2020