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.