This week Hamish Douglass defended his average returns over the last year due to his conservative stance towards stocks, he drew the markets attention to the importance of a rolling 3-year return as opposed to potential 1-year outliers – we agree. Generally he believes the risks for equities are rising due to the likes of mutating strains of COVID and of course the prospect of rising interest rates / inflation. We believe he’s migrated down the risk curve 1-2 years early but in the bigger picture his view as is so often the case looks sound.
MM is bullish MFG while its hold above $49
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