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Business cycles, recession and timing the market
Gary explains why the failure of the business cycle to behave as everyone thought it would and technological progress driven by AI could be the catalyst for a brighter future for the economy, as well as providing Courtiers with exciting investment opportunities.
Politics, China, and exciting bargains
With the party conference season in full swing, Gary shares his thoughts with Leo on the state of UK politics, and whether it really matters who wins the next general election. He goes on to talk about the Courtiers portfolio, highlighting infrastructure funds and house builders as representing particularly good value.
A tale of two companies
In this research note, Gary Reynolds, Courtiers CIO, explains why despite higher revenue and profits, and better cash flow, Stellantis, the owner of a number of global marques, including Peugeot, Maserati and Vauxhall is valued at around $56BN while Tesla is valued at a staggering $835BN, around 15 times higher. The outperformance of growth stocks such as Tesla since the beginning of 2023, only accentuates the differences in valuations between growth and value stocks and creates considerable opportunities for value investors like Courtiers, he says.
CIO Comment: UK Finances – How bad are they?
The UK’s finances are stronger than the vast majority of economists think, says Courtiers CIO Gary Reynolds. While a repeat of the early 1980's 'groupthink' when so many economists got it wrong on the economy is a real possibility, he suggests.