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Independent Strategy adds value to its clients by seeking out investment themes and opportunities in Macro Investments, often challenging conventional wisdom.

Too often investment research is constrained by the narrow focus of the research provider, but we seek to create a cohesive global view. We are compact and flexible enough to respond quickly to an ever-changing investment scene.

The research is designed to benefit both short-term and longer-term strategic thinking. It carefully studies geo-political and economic events, while looking for breaks in historical trends to uncover investment opportunities.

RESEARCH

We produce 60-70 reports a year on investment strategy, dealing with multiple investment topics. The scope of the research is global.

PORTFOLIO ADVISORY

After due consultation with the client, we devise a dedicated investment benchmark and country allocation policy for a portfolio of assets.

ALTERNATIVE INVESTMENTS

Alternative investments are becoming an increasingly important part of institutional investors’ portfolios.

Latest Reports

17/09/19
Hong Kong Hong Kong

A small city in China

The old Hong Kong we knew will not return. The political social and economic model is dead. This makes Hong…

13/09/19
Europe Europe

Europe – a parting gift

The ECB’s latest stimulus package seeks to address several problems and does so quite neatly. Banks win, thanks to tiering…

05/09/19
UK UK

The Brexit (not so) merry-go-round

Despite dodging one hard Brexit bullet, the underlying picture for the UK hasn’t changed much. A further extension of Article…

Hong Kong

17th September, 2019 » A small city in China

The old Hong Kong we knew will not return. The political social and economic model is dead. This makes Hong Kong an unattractive investment destination, whether you are running an investment fund or a corporation. But we do not think the Hong Kong dollar peg is vulnerable.

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Europe

13th September, 2019 » Europe – a parting gift

The ECB’s latest stimulus package seeks to address several problems and does so quite neatly. Banks win, thanks to tiering and more generous TLTRO terms while more bond purchases will also contribute to the bottom line. Draghi has also strengthened forward guidance. Not only have timeframes been jettisoned but the ECB has explicitly linked the mandated inflation objective and underlying (core) inflation. That is a dovish step, even if it brings its own potential complications given how static core inflation has been. All of these measures should contribute to a weaker euro over both the short and medium-term. We maintain our $1.04 per euro target for the end of this year.

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UK

5th September, 2019 » The Brexit (not so) merry-go-round

Despite dodging one hard Brexit bullet, the underlying picture for the UK hasn’t changed much. A further extension of Article 50 and another general election mean delay not clarity. The economy will continue to suffer and while sterling has managed a modest bounce from the lows, the mid-term picture still looks bleak.

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Independent means just that

Objective + Innovative + Opportunity

Our research is based on a thoroughly objective view of the world as it is, not as some might like it to be seen.

Our work is characterised by independence of thought and a determination to focus only on money making ideas, resulting in a totally fresh and original approach compared with the overwhelming volume of reports by integrated investment houses.

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In the Media

25 years of Strategic Independence|Regulated and authorised by the Financial Conduct Authority

MACRO MATTERS

US

18th September, 2019 » , US Money Market Volatility

The spike in repo rates (Figure 1) in the US has drawn quite a bit of attention, sparking some concerns that this might be a sign of some kind of systemic risk.  But the reality is somewhat more balanced, with the rise reflecting a number of specific factors and probably a rather sluggish response from the NY Fed, which conducts the open market operations of the Federal Reserve system, rather than any deeper seated problems.

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UK

18th September, 2019 » UK August Inflation Report

Another positive outcome with price pressure easing across the board, both at a consumer price level and on the producer side.  Sharp deceleration in core CPI particularly welcome, particularly when taken alongside rising wage growth which will help real incomes catch up with the losses sustained following the inflation surge that followed the Brexit referendum.

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Technicals

17th September, 2019 » IS Weekly Technicals – 17th September

Chart pack and analysis attached.

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AWARD WINNING, EXPERIENCED, DEDICATED EXPERTISE

MEET THE TEAM

Independent Strategy: David Roche David Roche President and Global Strategist
Independent Strategy: Guido Manca Guido Manca Chief Executive Officer
Independent Strategy: John Armstrong John Armstrong Managing Director
Independent Strategy: James Lister-Cheese James Lister-Cheese Strategist and Director
Independent Strategy: Nick Kennedy Nick Kennedy Chief Economist
Independent Strategy: Bob McKee Bob McKee Consultant Economist

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REPORTS ARCHIVE

The reports archive contains chronological lists of articles that have been written by Independent Strategy. Independent Strategy’s research is available by annual subscription. For details of subscription rates and soft dollar payments, please contact Independent Strategy by using the contact form.

REPORTS ARCHIVE