Pascal Dowling
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Updated 31 Aug 2022
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Disclaimer

This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.

After decades as the only show in town, growth investing has taken a steady beating since the pandemic began to retreat.

The chorus of doom for growth stocks – indeed for equities in general – grew louder in lockstep with fears over inflation. Inflation which, if we cast our minds back, was predicted initially as a result of the ‘sugar-in-the-petrol-tank’ effect of lockdown; a temporary blip as the world tried to switch a clogged system back on again.

How quaint this seems in hindsight. The calamitous impact on energy prices of Russia’s ‘special operation’ in Ukraine has been compounded by a knock-on effect on the cost of food production and distribution. Also, Ukraine’s defenestration has left a huge hole in the world’s wheat supply and a record-breaking drought in the northern hemisphere has led to less food in absolute terms. Witness the wholesale slaughter of beef cattle in America, for example, by ranchers who cannot feed them on grass that does not exist.

These factors, when combined, add up to what appears to be a significantly more powerful inflationary recipe than had been envisioned and the headlines which surround us today are brimming with the horrors that this could bring.

That many people will struggle to feed their families and stay warm this winter is not in doubt, but the primary aim of a headline is to shift more papers. Bad news fascinates us and fear has a momentum all of its own.

At Kepler Trust Intelligence, our primary objective is to produce research which aims to help investors create or, at least, preserve wealth. Looking at these matters purely from an investors’ point of view, there are signs that the inflationary dial may, in fact, begin to fall...

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