Argonautica

Investors all over the world should take note that the world’s most powerful and influential central bank, the US Federal Reserve, has in recent months changed its rhetoric from “higher for longer” interest rates and “vigilance” on inflation to accepting that rates have now “peaked”.

When the venerable Charlie Munger died in November, aged 99, it marked the end of the world’s most successful investment partnership with Warren Buffett, aged 93. Although junior in terms of ownership of Berkshire Hathaway, Munger was credited with persuading Buffett to pivot his investment process away from buying “fair businesses at wonderful prices” to instead “wonderful businesses at fair prices”.