Whether it is about the Delta Variant, inflation, supply chain shortages or longer-term structural issues such as quantitative easing or high debt levels, there is always something to worry about.
It is only natural to be fearful. The bears make convincing and intelligent arguments. In the face of all the negativity, it may seem naïve, perhaps even outright foolish, to keep a positive mindset.
Just like stopped clocks, the bears will be right at some point - at least for a while.
They may win some battles yet we think it’s inevitable that they’ll lose the war. Market timing is the real enemy. The best investment results are achieved by owing great companies, not waiting for the dip.
Over the past three years, as a weighted average, the Garraway Global Equity Fund’s underlying holdings have compounded free cash flow growth at an annualised rate of over 22%.
Make no mistake, the overriding factor will always be human ingenuity.
Fund Manager, Garraway Global Equity Fund