Reluctant Conscription

This blog is not about the poor Russian parents whose sons are being sent to face a skilled fighting force, trained and supplied by NATO. Many are dying as cannon fodder in a war created to steal a large proportion of the world’s agricultural and energy commodities. No. This week details why we have been reluctantly conscripted into the battle to ease inflation.

A Gut-Wrenching Period

Today is Friday 13th. Instead of witnessing more investment losses this week, the UK and European markets are up. It’s far too early to suggest the week will end on a higher note as the mighty US markets have yet to open, but currently in out of hours trading, there is a suggestion they will at least start higher. However, the markets in May so far have suffered significant falls on a daily basis, with just the odd glimmers of hope every three or four days.

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An Important Week

Last week was always set up to be a significant investment week, even without the war going on in Ukraine. Throughout the week over 400 of the largest companies on the planet all reported their financial results for the first 3 months of the year. Once again the focus was on the US. Alphabet (parent of Google), Amazon, Apple, Meta (formerly Facebook) and Microsoft all reported last week. Together with Netflix (that had disastrous results published last week) – They are more or less known as FAANG+ and account for around 25% of all the value of the S&P 500. We have Alphabet, Amazon, Apple & Microsoft in our portfolios as do pretty much every US investor.

Apple has grown to be larger than all the companies in the FTSE 100 index put together. In fact it is larger than every European Share Index. 

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