INVESTMENT OUTLOOK 2017
OUR EVER-CHANGING WORLD
"There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. There are thing we don't know we don't know." Rumsfeld, 2009
We ended 2016’s Mid-Year Investment Outlook, published just after the EU referendum, quoting Donald Rumsfeld’s famous line. It’s apt still – and if we learn anything from 2016, it’s that unusual events can and do occur. And ‘we’ – observers, mainstream media, politicians, pollsters and bookmakers – are not very good at predicting them, whether Brexit or Trump’s triumphant ascension to the White House.
As long-term investors, our ambition to think beyond and outside politics seems more pertinent than ever. In our Investment Outlook 2017 we aim to reflect a little on this year in the UK, but also to look forward, with careful optimism, to underlying trends that have momentum and are unlikely to be diverted.
Our articles, written by our Investment Team, look at the opportunities and challenges that face companies, policy- makers and investors. Emerging markets are becoming not only more demographically dominant, but are also growing in economic and geopolitical clout. We explore sustainable energy production and the importance of better storage and cheaper batteries. Both sides of the US presidential debate agreed on increasing infrastructure spend, and as we make clear, this is a global and pressing issue requiring new resources, both governmental and private.
We show how Virtual Reality is gaining steam, and that it reaches beyond gaming to many, wider applications you may not have considered; and that new innovations in Pharmaceuticals will try to address a growing and ageing population.
We hope you enjoy looking forward to 2017, and far beyond, with us.
Issued by Adam & Company Investment Management Limited (Adam), which is authorised and regulated by the Financial Conduct Authority. Adam is registered in Scotland number SC102144. Financial Services Firm Reference Number 141831. Registered Office: 25 St Andrew Square, Edinburgh EH2 1AF.
The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment. Past performance should not be taken as a guide to future performance. Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of the investment, and the income from it, to go up or down.
The information on this webpage is not intended as an offer or solicitation to buy or sell securities or any other investment or banking product, nor does it constitute a personal recommendation. The information is believed to be correct but cannot be guaranteed.
Any opinion or forecast constitutes our judgement as at the date of issue and is subject to change without notice. Nothing in this material constitutes investment, legal, credit, accounting or tax advice, or a representation that any investment or strategy is suitable for or appropriate to your individual circumstances. The analysis contained within this webpage has been procured, and may have been acted upon, by Adam and connected companies for their own purposes, and the results are being made available to you on this understanding. To the extent permitted by law and without being inconsistent with any applicable regulation, neither Adam nor any connected company accepts responsibility for any direct or indirect or consequential loss suffered by you or any other person as a result of your acting, or deciding not to act, in reliance upon such analysis.