The 4th Pillar: July 2023

The 4th Pillar

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The macro economy and specifically the interest rate environment continues to be the main game in town.

With interest rates across the developed world reaching levels not seen for 15 years, we are seeing significant changes in investor behaviour.

Now, more than ever, investors should be focused on companies with rock solid balance sheets, full cycle profitability and the ability to pay shareholders.

Combining companies such as this with the ability to earn 5%+ in short term fixed income instrument such as T-Bills seems to me the most prudent way to be positioned at present.

With that in mind, in this issue, we revisit a crucial sector of the economy and feature a company that is well positioned to take advantage of the current dynamic in their industry.

 

If I asked you to name the location of the longest sandy beach in the world, what comes to mind? Perhaps California? Somewhere in Australia or Brazil?  Well, with summer here across the Northern Hemisphere, no doubt some of you have got a beach vacation lined up, but I doubt very much it will be…

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