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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

09/04/21
Global Global

China-EU Investment Agreement – another brick on the Cold War wall

The Comprehensive Agreement on Investment (CAI) between the EU and China looks to be dead in the water. This will…

05/04/21
Global Global

EU integration, the law and the devil in the detail

The EU’s Next Generation Fund (NGEU), a significant step in EU fiscal integration, is under threat from the German Constitutional…

01/04/21
Global Global

Addicted to stuff

People obsess about post-Covid debt. But the reality, as the pandemic begins to wane, is that private sector balance sheets…

Global

9th April, 2021 » China-EU Investment Agreement – another brick on the Cold War wall

The Comprehensive Agreement on Investment (CAI) between the EU and China looks to be dead in the water. This will contribute to the relative isolation of the Chinese economy and so lead to a weakening of the RMB. We expect a 7-10% depreciation over the next year.

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Global

5th April, 2021 » EU integration, the law and the devil in the detail

The EU’s Next Generation Fund (NGEU), a significant step in EU fiscal integration, is under threat from the German Constitutional Court, which could delay the German contribution. Although not critical as the fund need not be dispersed until next year, it could have a negative effect on the euro and EZ equities.

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Global

1st April, 2021 » Addicted to stuff

People obsess about post-Covid debt. But the reality, as the pandemic begins to wane, is that private sector balance sheets (in aggregate) are healthy. They’ve been boosted by forced savings and buoyant asset prices. Fed up of doing nothing, people are itching to spend. The government is not shirking either. Demand will show up everywhere, higher external deficits, higher corporate profits but also higher prices. In fact we haven’t seen conditions like this since the late 1980s. We remain long US dollar and short US Treasuries.

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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

Global

31st March, 2021 » Fast Track Data – “Third wave” fears not enough to dent recovery

Despite the resurgence of Covid cases in certain places, the global economic recovery remains on track. That’s based on Google’s fast track data (through to March 27th).  Europe, which suffered last week, was on the up again with improvements in Germany, France and Spain.  The dip in Italy also looks to have based out, helped by a pick-up in the last couple of days.  The UK meanwhile continues on its improving streak.

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Technicals

30th March, 2021 » IS Weekly Technicals — 30th March

Chart pack and analysis attached.

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Global

24th March, 2021 » Fast Track Data — Improving, but with patches of concern

Google’s fast track data has painted more of a mixed picture over the past week (to 20th March).  For the most part the overall trend is still one of improvement, but fairly pronounced declines in a couple of countries in our sample has taken a toll and is rather concerning.

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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