Global Value and Income Dispatch

Multiple acts – what’s next for the credit markets?

  • Adam Gittes
05 Oct 2020
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View PDF   Download PDF  

“There are these two young fish swimming along and they happen to meet an older fish swimming the other way,
who nods at them and says ’Morning, boys. How’s the water?’ And the two young fish swim on for a bit, and then
eventually one of them looks over at the other and goes ‘What the hell is water?’” - ‘This is Water’, by David Foster
Wallace – commencement speech to Kenyon College, 2005

‘This is Water’ is about awareness and paying attention. If one were to apply its message to finance, it would act as a
reminder for investors to take a step back and evaluate the markets periodically, being mindful about the driving forces behind the investment landscape. Today the reality of ‘water’ is that central banks around the globe have flooded the market with liquidity, driving asset price inflation.


Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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