Worldwide Financial Planning

Badtempered accusations have been exchanged and reciprocal tariffs of up to 50% have now been imposed on a range of goods. Yet the economic effect is limited as the new tariffs cover only a fraction of the volume of trade across the US-Canadian border.

In my final column on passive funds it may be worth reminding readers that for the last 25 years my aim has always to be the financial canary in the mine.

The White House announced what it called the most crushing economic campaign ever waged on Iran and threatened to bomb Oman, the mediator, while Tehran promised to go fully offensive. Oil rose a fourth week, the energy price cap pushed British inflation to 2.9%, and governments kept borrowing into
the storm, with America’s debt passing $40tn.

Regulation changes behaviour. It changes what providers build, what advisers fear, what compliance departments approve and what pension schemes choose for people who will never read the fund factsheet.

Washington ended the week threatening to make its blockade of Iranian oil indefinite unless the Strait of Hormuz reopens, and Tehran keeps raising its price, so crude sits near $87. The cupboard is barer than the price admits.

Following the theme of passive investing…. a forest with 10 enormous trees can look magnificent from a helicopter. Walk underneath and find no saplings, poor soil or biodiversity and you have a different picture.