Research for 2020

Market Commentary August 2020

03-08-2020

Stock performance often seems uncoupled from key economic data and corporate earnings. In general, the stock market is anticipatory of what is to come, while economic data and earnings are lagging - the former by one month, the latter by three months. Thus, it is not uncommon for cyclical companies [...]

Gibraltar Chronicle July 2020

10-07-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary July 2020

06-07-2020

The reopening of the economy is underway, and nothing - not even a fresh wave of COVID-19 infections - is likely to reverse it. With businesses reopening and consumers warily venturing out to restaurants, beaches and hair salons, the economic data is showing signs of ticking higher. The goal of the [...]

Gibraltar Chronicle June 2020

10-06-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary June 2020

08-06-2020

Stocks have staged a remarkable rebound over the past several weeks, despite dismal unemployment readings and declining profit expectations. Investor optimism appears to come in several forms: that job losses will be temporary and return quickly once lockdown restrictions are eased; that a relativel [...]

Gibraltar Chronicle May 2020

06-05-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary May 2020

04-05-2020

Will we ever get back to normal? COVID-19 is not just the worst pandemic in 100 years, but also the first pandemic of the information age. It also reflects a new kind of thinking, that it is worth stopping the global economy in order to minimise deaths. Perhaps the hyper-awareness wrought by social [...]

Gibraltar Chronicle April 2020

09-04-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary April 2020

06-04-2020

The losses from this pandemic have been sudden, shocking and real with a global recession now an almost certainty. The depth and length of that recession is contingent on multiple factors, including the fiscal policy response from governments and the monetary response from central banks; the success [...]

Coronavirus Update

30-03-2020

As living and working conditions evolve due to the Coronavirus outbreak, we would like to reassure our clients of GAM’s current situation. [...]

Gibraltar Chronicle March 2019

14-03-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary March 2020

09-03-2020

Have you seen that sci-fi movie in which the nations of earth are going about their usual business of trying to exterminate one another, until alien ships fill the skies, and then we all pull together like a team to crush the bug-like monsters? The coronavirus is that alien invader, and its presence [...]

Gibraltar Chronicle February 2020

13-02-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary February 2020

10-02-2020

All through December and into mid-January, investor nervousness around valuations was growing more and more palpable. But no one wanted to leave rally money on the table. Some kind of trigger was needed to spur profit-taking. As sometimes though not always happens, the event trigger was something no [...]

Gibraltar Chronicle January 2020

16-01-2020

Our latest article on the stock market, as published in the Gibraltar Chronicle [...]

Market Commentary January 2020

13-01-2020

We wish all our clients and readers a very Happy New Year and all the best for 2020. Last year was a vintage one for the equity market. The advance was broad-based, encompassing most domestic sectors and international indices. That the market should have had such a good year was far from automatic. [...]