Market Commentary – Q1 2026
“There are decades where nothing happens; and there are weeks where decades happen.” A quarter that reshaped market assumptions on growth, inflation, and risk A phrase often attributed to Vladimir Lenin, it captures the pace at which market regimes can shift. The first quarter of 2026 offered a clear illustration of this dynamic. What began […]
Market Commentary – Q4 2025
Another Year Over and a New One Just Begun A reflective view of global markets in 2025 – and what Sterling-based investors should take into 2026 As John Lennon once sang, the close of a year invites reflection and hope – a fitting sentiment for markets in 2025. It was a year of resilience and […]
Market Commentary – Q3 2025
The calm before the storm? After a turbulent second quarter of 2025, the third quarter was its antithesis: financial markets were broadly stable, optimistic, and provided good returns for investors across asset classes. The global economy continued to tread a fine line between resilience and slowdown, as policymakers, investors and businesses awaited clarity on the […]
Market Commentary – Q2 2025
Conflict seemed to define the second quarter of 2025. US president Donald Trump waged a tariff war with many of the US’ largest trading partners. Israel and Iran traded missile strikes on one other’s territory, all the while the war in Ukraine rumbled on. At the beginning of the quarter, markets were rocked by ‘Liberation […]
Market Commentary – Q1 2025 – Capital at Risk
After a stellar 2024 for markets, especially in the US, the first quarter of 2025 was painful, not least for those susceptible to recency bias. US Inc. had been so resilient in the face of recession worries, persistent inflation, and the election of Donald Trump, displaying strong fundamentals and retaining the confidence of investors across […]
Capital Compass: Options overload
The options market in India is exploding As an erudite and lettered customer of Callanish Capital perhaps you can agree with Greek philosopher Sophocles, who said that “wisdom outweighs any wealth”. You might perhaps go one better than Sophocles and add that it takes some wisdom to protect your hard-earned savings in this world of […]
Capital Compass: Viva la Vauxhall!
Are low car sales turning the UK into Cuba? The UK is at risk of turning into Cuba. Famous for its vintage 1950s American cars, Cuba is the home of slab sides, high wings, and lots of chrome. Might the UK be going the same way, albeit with less flare and panache? Our government and […]
Capital Compass: A deep dive into DeepSeek
What does the newest AI model mean for US big tech? There has been widespread reaction to a new, low-cost AI model called R1 created by DeepSeek, the artificial intelligence company based in Hangzhou, China. In the midst of the US tech sell off that ensued, one of the most apt and measured comments came […]
Market Commentary – Year End 2024 – Capital at Risk
A tale of two economies This time last year inflation was falling rapidly and most pundits confidently predicted that interest rates would follow suit. Markets were quick, too quick, to ride the wave of optimism, with some of the big brokers predicting five or six interest rate cuts from the 5.25-5.5% level last December. The […]
Capital Compass: Deck the Halls, Empty the Wallets
The economics of Christmas cheer Christmas is coming and the goose is getting fat, the children are over-excited, and you are already bored with the Christmas tunes in the shops and on the radio. Christmas is an expensive and fraught time but what can we learn from the market for festive decorations and how can […]