Street Signals Ben Ashby: Applying History’s Lessons to Today's Markets
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Feb 13, 2025 Ben Ashby, the CIO of Henderson Rowe, is a seasoned investment manager from London with a focus on cross-asset investing. He delves into how historical market trends influence today’s economy, highlighting the rhythm of interest rate cycles and equity valuations. Ashby discusses the challenges posed by AI and political uncertainty, as well as recent market fluctuations and tactical investment strategies. He also analyzes the complexities of the UK economy and offers insights into navigating currency volatility and finding investment opportunities in a shifting financial landscape.
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Market Calmness
- Markets have become remarkably calm after a period of volatility, digesting news quickly.
- This calmness follows a period of uncertainty driven by factors like DeepSeek and tariff discussions.
Liquidity and the Cantillon Effect
- Excess liquidity from COVID-19 continues to seek investment opportunities, driving market behavior.
- This liquidity, coupled with government intervention, fuels the Cantillon effect, benefiting those closest to the money source.
Fixed Income Strategy
- Maintain a relatively short-duration fixed-income portfolio.
- Consider emerging market corporates issuing in hard currency, which offer potentially higher risk-adjusted returns.
