A look at the rationale behind precious metals’ latest moves.

We initially wrote about silver in July 2020, providing an update in 2022. With the latest rally in precious metals, it seemed fitting to bring everyone back up to speed.

Artificial Intelligence (AI) is transforming industries across the globe, ushering in an era where machines can perform tasks that previously required human intelligence.

In this month’s newsletter, Henk Myburgh, CFA will explain how money supply is theoretically a leading indicator of company earnings. He will then analyse its historical performance in the USA and what we can learn from the current relationship between money supply and company earnings and its potential impact on the US market.

This month, Ashley Knight, CFA takes a look at the proposed changes to the Inflation Reduction Act and the potential impact on the Pharmaceutical industry.

Markets have been shaken by President Trump’s bold April 2 “Liberation Day” trade tariff announcement. While not new to tariff-driven tensions, this latest move marks a dramatic escalation in both scale and global impact. Rooted in Trump’s long-standing “America First” agenda, the sweeping measures reignite concerns over a renewed global trade war.

In our previous newsletter, Henk Myburgh, CFA, explored a mathematical tool that can help guide allocations to individual investments: the Kelly Ratio. In the final instalment of this series, we will explore how the Kelly Criterion can be extended beyond single investments to evaluate the safety of portfolios as a whole.

In our previous newsletter, Henk Myburgh, CFA, explored different approaches to allocating capital across asset classes. Now, we turn our attention to a mathematical tool that can help guide allocations to individual investments: the Kelly Ratio.

This newsletter is the first in a series of three, where Henk Myburgh, CFA, will provide an overview of different methods used to allocate capital to asset classes, listing the advantages and limitations of each and indicating the combination of methods used by Pyxis Investment Management.

This month, Ashley Knight, CFA, reviews her newsletter from 2020 on behavioural biases. She takes a look at these biases’ impact on investment behaviours and the resultant market reactions over the past few years.

In this month’s newsletter Henk Myburgh looks at target return objectives and discusses the potential pitfalls of the narrative fallacy by using investment themes. He compares Nominal and Real returns and argues that Real returns should be favoured as an investment objective.