News & Insight Weekly Newsletters

10 December 2021 | William Buckhurst

That Was The Week That Was


  • The Chinese authorities signalled their first substantial policy loosening since the early days of the pandemic by reducing the Reserve Rate Requirement (RRR) by 0.5%
  • In the UK, Black Friday helped retail sales grow at an annual rate of 5% in November
  • Boris invoked “Plan B” with a working from home order and vaccine passports for large entertainment venues
  • Greece has requested that the ECB keep on buying its bonds even after next March when the ECB’s vast asset purchase scheme is expected to wind down


Fitch says that Evergrande is in default. The ratings agency is the first to declare that the troubled Chinese real estate developer has defaulted on its overseas bonds, with an interest payment missed this week. Neither Evergrande nor the Chinese government has confirmed a default


  • Activist investor Elliott Management increased pressure on SSE to spin off, or sell at least part of, its renewables business
  • Ashtead reported very good numbers enjoying a strengthening market position as it benefitted from the disruption to global supply chains
  • ABB unveiled higher sales and profitability targets as it expects to benefit form trends such as decarbonization and shrinking workforces
  • Liontrust announced the acquisition of rival fund manager Majedie for £120m


Inflation is certainly happening in the new and second-hand car markets and this was proven by a brilliant set of numbers from Vertu Motors who announced that profitability in October and November continued to exceed forecasts. Supply shortfalls across new and used cars have continued, although new vehicle supply was better than expected and sold at enhanced margins. Customer demand has remained strong, with strong future order banks in all new vehicle channels. Used car supply constraints have continued to underpin prices and perhaps they will follow the example of Constellation Automotive ( who have purchased stock by buying Marshall Motors


1957: Two months after the Soviet Union launched Sputnik, the US attempts to launch its first satellite. But after rising just 6 inches, the rocket explodes. The demoralized stock market falls 6% over the next week as worries mount that the US will be unable to compete with the Soviets in space

2008:  Bernie Madoff is arrested.  Madoff’s Ponzi scheme involved taking clients’ money, depositing the money into a bank account (never the stock market) and generating fake trades and account statements that listed fake returns. When clients asked for returns, they were given money from the bank account


MariMed Inc., a leading medicinal cannabis operator which describes itself as “focused on improving lives every day”, this week unveiled the world’s largest cannabis-infused brownie, weighing 850 pounds, in celebration of National Brownie Day on December 8th


% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return GBP)





World Equities (% return GBP)





10 Year US Treasury Yield (%)





GBP / USD (fx rate)






As at 10th December 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. ©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). This material has been issued and approved for distribution in the UK by VIM.

Back to News & Insights