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We often speak of the impact of prices on future returns, and specifically that higher prices lead to lower future returns. In our approach to forecasting this is reflected in two elements, a higher price means a lower rate of income and also a reduced...

Quarterly Asset Allocation Update November 2012 The Asset Allocation and Investment Committee met in November in the aftermath of the US elections, and whilst the once in a decade leadership transition was being completed in Beijing. We have elected to maintain the current settings with respect to...