We prefer the protection afforded by profits generated today

2023 not a bumper year

Scotland has almost 1,000 mountains and hills, which is a lot for a reasonably small country. They are not always very welcoming at this time of year but offer fantastic views when the weather improves.

It feels like equity investors have just come off the summit of one mountain, formed during the days of quantitative easing, and are eyeing up the next, if or when any Federal Reserve-induced US recession has passed. The problem is that the weather is currently poor, and visibility is not great. This matters when assessing the depth of the drop between the two summits. In equity parlance, how great might the earnings downgrades be? And what does this mean for where share prices trough? UK inflation spike 'unlikely to persist' but could turn sticky At the risk of straining this a...