Apologies, I’ll not be able to join you this month. In my absence a comment
from Smith and Williamson ................
‘Many are surprised by what they see as the disconnect between the stock market
recovery and what is going on in the real economy with empty high streets and
lower levels of economic activity.
I would make three observations on this: firstly markets have not responded
uniformly and not all markets have recovered. For instance our own FTSE 100 is
off 20% since the start of the year whilst the American market (S&P 500) is up
4%. Secondly, within equity markets there has been a big divergence between
those companies that have fared well (such as technology companies) and those
that are struggling (such as high street retailers and banks). Some 27% of the
US market is made up of technology companies and Apple, Microsoft, Amazon and
Alphabet (which owns Google) are now worth a staggering $5.4 trillion . By
comparison the whole of the FTSE is worth £1.9 trillion ($2.5 trillion) and the
UK GDP in 2019 was £2.2 trillion ($2.8 trillion). The final point to make is
that the monetary and fiscal response to Covid by central banks and governments
around the world has been swift and comprehensive. This weight of additional
money in our economies and the buying of bonds is a significant driver of
demand for equities. With this backdrop we remain committed to holding what we
deem to be good quality equities as a sensible home for long term family and
trust capital.’
Antony Wells
01980 623 915; 07407 269 459
North Farm House, Great Durnford, Salisbury, SP4 6AZ
Sent from
From: Neil Cosburn
Sent: 06 August 2020 12:10
To: wvic@xxxxxxxxxxxxx
Subject: [wvic] Zoom meeting invitation - WVIC Meeting
Dear All
Below is your link to the next WVIC Zoom meeting.
Looking forward to seeing you on Monday.
Best wishes
Neil
Topic: WVIC Meeting
Time: Aug 10, 2020 07:30 PM London
Join Zoom Meeting
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Meeting ID: 828 0385 4809
Passcode: 401846
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