Welcome to the PAM Blog

Follow us to hear our latest market views, commentary and company insights from our investment team.

And it’s a wrap…

If someone had suggested at the start of 2016 that the UK would have voted to leave the European Union,  Donald Trump been elected President of the United States and Matteo Renze have lost a referendum on the most basic reforms of an unwieldy Italian constitution,... read more

What a social licence to operate looks like

Its fascinating to see a new mine being planned. The geological models,  the drill hole maps, plans of pit designs and plant engineering and metallurgical models. Investors like me get excited by things like bottom decile capex and costs, 52% margins (even at todays... read more

Have bonds become the new equities?

Bonds are boring. You buy them for a safe income steady income. Wrong on both counts. Between 22/6 and 31/8 the price of the Index-linked gilt 2062 went up from 185 to 260! That’s a government bond, not a high tech stock. Some now say with tongue in cheek that you buy... read more

PAM view following the UK vote to leave the EU

Following the UK vote yesterday to leave the EU, we thought it would be useful to summarise current PAM investment strategy. We had already been defensive in our asset allocation in the run-up to the EU vote arguing that equities were fairly valued and we had also... read more

Meetings and Questions….day in the life

Asking the right questions in a meeting with a PLC is a skill learnt over time. Listening to the answer is a life skill as we know. The tone of the question is also relevant as a decent question said in a disrespectful manner can be counter-productive to the meeting.... read more

Brexit final approach

As both sides square up to each other in the final countdown to the “Brexit” vote on 23 June,  UK bookmakers have made the “Remain” camp firm favourites to carry the day and for Brits to wake up on the morning of the 24 June as ongoing full members of the... read more

Slowly Slowly Catchee Monkey

The gold sector had an exceptionally robust first quarter this year.  The considerable increase in safe haven demand has resulted from the US Federal Reserve announcement that it would include negative interest rate stress tests for US banks. This triggered a flight... read more

Listen to Amanda van Dyke discuss her views on gold: