Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As many readers will know, I spend a good chunk of my time looking at the bigger, wider macro world to help me come to conclusions about individual stocks. I know the 'bottom-up' purists will hate this but nothing exists in a vacuum and whilst the macro world is notoriously hard to predict, this does not mean you should not look for some insights. I do not believe - as some academics would have it - that eighty or ninety percent of your returns are determined by your asset allocation choices, but it certainly plays a significant contributory factor. There is a reason for the ramble – and it is Ashmore (ASHM), which produced a trading update today covering the first calendar year quarter...
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