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Winter 2019 Economic Commentary

The first article in our Winter Update contains an overview of investment market and asset class performances over the April to June quarter. Overall it was another good quarter for both share and bond markets. The prospect of weaker global growth meant a general scaling back in inflation expectations which contributed to lower interest rates over the quarter. This was not only positive for existing bond values, but the prospect of lower funding costs was generally favourable for the prices of more riskier assets as well.

The second article considers the relationship between money and happiness. It’s easy to assume that buying new things will make us happy, and that’s often true. However, studies show that the happiness that results from material possessions doesn’t usually linger as long as when the same amount of money, time and effort were spent on experiences, or being sociable with others. That doesn’t mean doing away with all material possessions, but it might provide some food for thought when we think about allocating time and money between different options or activities in the future.

We are pleased to be able to report another good quarter of returns, which is not always the case. Investment markets are unpredictable, but underpinning the merits of a long-term investment strategy is that prices will tend to go up more often than they will go down. The April to June quarter was one of those “up” times.
 
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newsletter Winter 2019