This month’s Global Investor Circular unpacks:
- What are company earnings and why they are central to everything we consider regarding economies and related financial markets.
- The ossification of the existing system and why phantom earnings matter.
- “Creative Accounting” practises in North America, Asia and globally.
- The US’s S&P500 aberrations and how they distort valuations.
- Cautions surrounding assets exposed to European sovereign risks, Sino-US tensions and oil-related exposures.