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inflation

He who pays the piper

April 2, 2022April 2, 2022 superadminCentral Banks, China, Economy, energy, Federal Reserve, inflation, interest rates, Opinion, UK, USA
a map of russian oil pipelines with pictures of pipes super imposed on it - in house collage - illustration for an article by charles gillams - he who pays the piper

A very strange quarter: the FTSE100 was up, in sterling terms the S&P 500 was up, and the Russian Rouble ended where it was just before the Russian invasion. Short term dollar interest rates are nicely positive at last. So […]

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DETONATION OR ROTATION

February 19, 2022February 19, 2022 Charles GillamsEconomy, energy, inflation, interest rates, investment markets, USA

Two big market forces are at work just now, one is rotation out of the low interest rate winners, to wherever we go next, the other might be something more spectacular. Enough of the market still sits in the “don’t […]

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First Principles

February 6, 2022February 6, 2022 Charles Gillamsinflation, interest rates, Opinion, UK Politics
collage of banknotes superimposed with an inflation graph - featured image of a blog post by charles gillams of monogram capital management ltd

Principles may be lacking in certain quarters, but we will start with the economics of inflation rather than Boris. How much inflation and for how long? Inflation is simply too much demand for the available supply, nothing more complex than […]

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NO NEWS?

January 9, 2022January 9, 2022 Charles GillamsEconomy, energy, Federal Reserve, inflation, interest rates, Opinion, UK Politics
This is an illustration showing a dog running towards a woofle bear, a character created by Martin Speed, an illustrator. The purpose of the image is to illustrate the text of a post by Charles Gillams, where he mentions the phrase 'not my dog', regarding inflation expectations.

Staying on the sidelines till Burns Night still remains rather attractive. Christmas as ever brings thin trading, a lot of speculation and some brutal repression or natural disaster, in a far-off land. Although these days ‘far off’ could include Lille […]

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THERE IS NO SANITY CLAUSE

December 19, 2021December 19, 2021 superadminCentral Banks, Economy, Federal Reserve, inflation, labour markets, UK, UK Politics
This is a collage image - the left hand side says no sanity claus, and the right hand side is a photograph of a tree wrapped in a quilt. It is an illustration of the article on investments written by Charles Gillams called 'there is no Sanity Clause'

Three big topics this week from three central banks, all of whom look to be in a muddle, with their knitting all jumbled up and highly implausible. Entirely predictable inflation meanwhile threatens to sweep them off their path, as they […]

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41 St James's Pl, St. James's, London SW1A 1NS.

Monogram Capital Management (FCA Number 820474) is authorised and regulated by the Financial Conduct Authority.

'Smoke on the Water' - an ebook - consists of Charles Gillams's fortnightly updates during the first half of 2020, during which markets collapsed and then recovered. He does an assessment of how well he predicted what happened as an 'afterword' after each post. We invite you to take a look.

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