Business and finance 4 January 2018

Is the bubble only starting?

READY for a melt-up? Investors are generally upbeat about the prospects for equity markets this year but one intrepid fund manager thinks it is likely that American share prices could rise by 50% in the next six months to two years. Perhaps the biggest surprise is the identity of that pundit: Jeremy Grantham.Mr Grantham, one of the founders of the fund management group GMO, is best known for a cautious approach to valuations. He was one of the investors who got out of the dotcom boom well before the top. His firm’s most recent prediction for seven-year returns are for an annual loss of 2% from American largecap equities; indeed among all the asset categories, only cash and emerging market equities and bonds are expected to produce a positive real return over the seven-year period. So how can Mr Grantham justify his views? He does not...Continue reading

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Are America’s airports the worst in the world?

SOME airports are known for being the antithesis of elegance. The reputation of Luton Airport in Britain was famously trashed by a television advert for Campari, a posh drink, in the 1980s. In the clip, a well-dressed man offered a drink of the stuff to a fashion model on holiday and asked, “Were you truly wafted here from paradise?” She replied in her full cockney accent, “Nah, Lu’on Airport!” Its reputation as a place to fly from has never quite recovered since. In August it was named Britain’s worst airport by Which?, a consumer group.But at least Luton’s terminals are modern and safe—and that cannot be said of others around the world. In this week’s print issue, Gulliver’s colleagues from around the globe have reviewed some of the world’s worst airports. These range from departure lounges with no toilets in...Continue reading

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