Fly on the Wall

The Kennox Advisory Panel meets every 6 months for a lively discussion on current topics impacting the investment landscape. The Advisory Panel is made up of Peter Hollis, Russell Napier and Angus Tulloch, together with the Kennox investment team.


April 2015

The discussion started with everyone agreeing that the investment environment was not easy at present with high prices for assets and significant risks. However, we have also all felt this has been the case for quite some time now. A good way of judging market exuberance is to collect anecdotes of the herd doing irrational […]

November 2014

On disruptive technology… Disruptive technology is pervasive, often (but not always) led by the internet. Consider the impact of Amazon on retailers, where the cost of running physical stores has made it almost impossible to compete directly on price with internet-only alternatives. Consider the impact of Google’s advertising model on traditional advertising strategies....

April 2014

As always, a few of the key thoughts from the discussion: How markets are defying gravity The markets continue to look unreasonably expensive considering the delicate economic climate in almost all regions. Companies also seem to be finding the environment tough, with more debt downgrades announced recently than at any time since the second quarter […]

November 2013

The panel flirted with various topics, and here is a taste of the key areas covered. Inflation or deflation We touched on this debate at the last panel with the conversation on Japanese quantitative easing, and the fact that the lower yen exchange rate has increased deflationary pressures as foreign countries import cheaper goods from […]

May 2013

The Panel discussion danced around many and varied subjects, and as always, these notes are just a flavour of what was raised at the meeting. Japan So closely fought has been the recent race between global currencies to devalue that none have appeared to be very successful. That was until Japan entered the fray in […]

November 2012

Inflation, but when? The Panel believes that the risk of inflation in the US is now increasing. The Fed has continued with Quantitative Easing (QE) even though private bank lending is now increasing. This could very quickly lead to inflation. The Panel was not convinced that commodity stocks would be unreserved winners as they were […]

March 2012

China: even pessimism may be over-optimistic There are signs that the good times may be coming to an end in China. Exceptional growth has been fuelled by government spending, a heavily under-utilised workforce being put to work and an undervalued currency boosting competitiveness. All three tailwinds are now turning to headwinds as evidenced by certain […]

November 2011

Euro zone crisis Let’s assume the euro will fail (note the Panel did not necessarily think this was the case but the scenario is worthwhile considering). Should one hold any assets in the euro area? The answer is yes, especially if they’re priced attractively. There is a good chance of a flight by investors to […]