Facing up to lower trend growth

Now is not the time to be swayed by high-frequency newsflow and economic data, writes Philip Lawlor, group strategist at Smith & Williamson.

These are fascinating times to be involved in determining investment policy. While we all have a tendency to be swayed by the profusion of high-frequency newsflow and economic data, we also have to make a conscious effort to step back and identify key strategic issues. As I write, markets are responding to three simultaneous and historically significant strategic pivot points. The first is the turmoil in the eurozone; the second is the transfer of wealth from the west to the east; the third the downshift in UK and US trend growth – has not received nearly as much media and analytical ...