Vice, vice (investing) baby!

Although some may find it distasteful, companies servicing human vices can provide a profitable and defensive way to invest. Right here in the UK there are some of the world leaders when it comes to profiting from the rather less exemplary aspects of human nature.

Watching your weightings

Highly cyclical sectors have come to dominate stock market cap in recent years, changing the risk characteristics of the market overall. This is particularly true of the US, which is now more dominated by cyclicals than ever.

The Trump recession

President Trump has a reputation as a pro-growth president. But when pro-growth Reagan entered office the economy fell into a recession. The stock market fell too, reaching its lowest valuation for decades. Might history repeat?