The abrupt fall in markets in September was equally abruptly reversed in October, with Wall Street enjoying its best month of the year, the S&P 500 returning 7.0% and closing the month at an all-time high

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In the face of strengthening and broadening headwinds, the unbroken run of seven
months of gains in equities came to an abrupt halt in September

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“Gap risk is difficult to account for in any sensible investment framework”

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“For fund selectors the key questions are: who is genuine and how do they
stack up versus a burgeoning
list of peers?”

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“Boxing styles will ultimately determine how exciting a fight is.
This is not too dissimilar to investment styles, where some work better together than
others. “

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“While investors cannot control their natural behavioural instincts, we should focus on what we can
control.“

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“The one area in which bigger may not be better is performance.”

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“We are at a critical transition in the cycle. On the positive side, we
are learning to live with Covid, and in practical terms are moving
to endemic status”

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“We are all influenced heavily by
what we experienced in childhood- the knocks leave their marks.”

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This month will see global value
outperform the growth index by the most since MSCI records began in
1974

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