John Butler

Going for growth: creative destruction in the 21st century

Chancellor of the Exchequer Rachel Reeves says she wants to get growth going. She should do as Schumpeter says and Argentine President Milei does.

“Don’t mention the (trade) war!”

The upcoming German elections may further raise the risk of a US-EU trade war. The UK is also at risk. A general Atlantic trade war would be horrific for the economy but it can be avoided if common sense prevails.

Might Labour plug the “black hole” with “black gold”?

The bad news for Labour has been coming hard and fast ever since they presented their first budget last October. Growth is down and borrowing costs up. In a desperate scramble to get the economy going, Labour might surprise even themselves…

Show me the money!

Cash is king. There are many factors to consider when valuing a company. But the ability to generate cash is one of the most important, especially when the company in question is relatively immature or has recently restructured in some way.

The golden ratio?

In today’s issue: Investors have a habit of chasing returns The danger is they overpay for earnings That can be avoided by using the golden…

The ultimate defensive asset

Precious metals stand apart from financial assets They’re not at risk of devaluation or default All defensive portfolios should have an allocation The investment mainstream…

The recession-proof portfolio

In today’s issue: Investors should get defensive, right now Get out of tech, banks and consumer discretionary sectors Go for diversification and dividends Yesterday I…

Rotate within the market, not out

In today’s issue: Should defensive investors flee into cash? No Bonds? No They should rotate into basic industries and dividends Yesterday I wrote about how…

When the bond market speaks, investors must listen

Interest rates are the universal point of reference for valuing all financial assets. But they are also part of a transmission mechanism that, via credit spreads, can cause financial crises.

Labour’s budget boondoggle

Labour’s “trick-or-treat” Halloween budget may have been a treat for public sector workers, but it’s shaping up to be a trick for everyone else. Financial markets have responded with scepticism – bond yields are climbing, and the pound is sliding.

Gold in 2025 and beyond

Prominent gold commentator and member of The Fleet Street Letter’s Global Intelligence Network Alasdair Macleod shared his 2025 outlook at a private event in London late last year. His presentation is available to view at the link inside…

How the Green Grinch stole Christmas

The Green Grinch attempted to steal Europe’s Christmas this year with near-zero wind and solar power generation. Soaring prices were the result. Germany’s government has now collapsed and France has yet another prime minister with only a weak mandate. Is more mayhem in store for 2025?

Happy New Year!

With the holiday season now mostly behind us, we turn our attention what the new year might have in store…

2025: The Year of the Chainsaw?

Last year Britain lurched to the left while much of Europe and North American did the opposite. But nowhere is the contrast with Britain greater than in Argentina, which has leapt from bureaucratic basket-case to capitalist dynamo during President Milei’s first year in power.

Merry Christmas!

It’s that time of year when we gather together to celebrate whatever it is that we find most precious. Here at Fortune & Freedom, we reflect on a historic year and look forward to the challenges of 2025 and beyond.

The recession of 2024

Last week we learned that the UK economy has contracted slightly for two months running. But a deeper look at the data shows that the private sector has been in recession all year. Will 2025 bring more of the same?

Digital, or fool’s gold?

Bitcoin’s Trump-pumped rally has now taken it to the landmark $100,000 level. Crypto has certainly caught the zeitgeist. But gold, too, remains in a bull market and should have a place in all investors’ portfolios.

Only Labour could pull the plug on EVs

Labour have now backed away from one of their most prominent “green” goals, EV adoption. But this may be only the beginning of a general shift away from political unpopular policies. One can only hope...

The other shoe is about to drop

The UK economy is slowing again, making it unlikely that recent taxes hikes will actually increase revenue. Government finances will continue to deteriorate. Gilts and sterling may both decline in value. Investors should turn to gold to protect their wealth.

A global revenue bargain?

US stock markets went from expensive to even more so following Trump’s victory. But is this justified? Regardless, the UK stock market is a relative bargain by comparison.