Investment Report No.90

There are times when stock markets refuse to listen to bond markets, or so it seems.  For a few years now, two investment narratives have been in place; the AI-driven boom, benefiting inter alia the ‘picks and shovels’...

11 mins

Investment Report No.89

https://www.youtube.com/watch?v=yvtl3G9RHwA The winds of change “The risk of permanent capital loss is the only risk to worry about.”…

12 mins

Investment Report No.88

In the first quarter of 2026, investors could be forgiven for being driven to distraction.  Stock markets are always noisy, buffeted by a cocktail of macroeconomics, geopolitics and company-specific news.  Yet it is hard to recall a period of prices being impacted to such a large extent by such differing factors.

12 mins

Investment Report No.87

The strategy delivered returns of around 9-10% for the 2025 calendar year.  Our equities performed respectably, rising +10% in local currency terms. 

9 mins

Investment Report No.86

9th October 2025 marked 25 years since the establishment of Troy. It has been quite a journey, beginning in the shadow of the dotcom boom and the ensuing equity bear market from 2001-2003. Remarkably, a quarter of a century on, markets appear once again suspended between promise and speculation.

10 mins

Investment Report No.85

In the world of financial markets, where a tendency towards complexity and intellectual cartwheels often obfuscates simple truths, it can be clarifying to speak to someone one step removed.

12 mins

Investment Report No.84

So-called ‘Liberation Day’ on 2nd April saw a continuation of the predictable unpredictability characteristic of Donald Trump.

10 mins

Investment Report No.83

History in the making As events unfold, it can be difficult to parse out what will make it…

10 mins

Investment Report No.82

The late, great Paul Volcker, the towering former Federal Reserve chair, said in 2009 that “the ATM has been the only useful innovation in banking for the past 20 years”.  At Troy, we agree with the sentiment that most complex investment bank products are not good for customers. 

9 mins

Investment Report No.81

As a politics graduate, I have a disproportionate interest in the subject.  I also recognise the distraction that political outcomes pose to investors, often adding mere noise, to be ignored, if we are to succeed. 

8 mins