Digging in heels

Published on 29-06-2020 12:55:00

Hello,

As hedge funds rush to exit short positions, the market is defying dour predictions of a depressing start to the week. But only just.

With the global death toll reaching 500,000, worries persist over America’s handling of COVID-19, while the UK is on a pandemic knife-edge and survivors are at risk of PTSD.

Britain may be heading for a Brexit customs crisis but Boris is pumping £1bn into making its schools world class. And fewer banks are now too big to fail.

Globally, some think that the financial system has yet to price in climate change. But the Fed is investing in oil, cigarettes and Warren Buffett and Zuckerberg’s under more pressure as Starbucks and Diageo join Unilever, Verizon and others in beseeching boardrooms to boycott Facebook.

In Europe, Germany is to overhaul its accountancy regulation after the Wirecard scandal, the pandemic may be putting nationalism under pressure and softening hearts in Poland and Iceland has never been more liberal, after giving its incumbent president 92.2% of the vote. In France, a green wave is engulfing President Macron. And we definitely need green energy because electricity use is growing more quickly than the human population.

In Asia there are seven dead in Pakistan after carnage at the stock exchange. In Singapore, a feud between two brothers is spilling over into an election.

But let’s be positive. Some stocks are doing very well in this pandemic and Edison’s influence is growing, having introduced dozens of clients to funds – including Mondrian Partners, Cohen and Steers and Union Bancaire Privee. Collectively, such funds have many hundreds of billions of dollars under management.

You might also get paid when an internet company uses your data – though let’s hope the idea doesn’t get funding because venture capital apparently doesn’t build the things we really need. Which is confusing when you learn that there’s a new VC focused on low carbon start-ups.

Until tomorrow,

The Stream Team

Stream.Team@edisongroup.com

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