Welcome to our Mid-Year 2020 Outlook publication.
The implication of calling something ‘Outlook’ is that we immediately put pressure on ourselves to make predictions about the future. We have always shied away from this and, instead, focused on long-term themes which we see as inevitable and inescapable. These include: demographics – the ageing of western populations; the emergence of new economic powerhouses; and the unstoppable rise of technology and healthcare.
Numerous publications at the turn of this year adopted the heading “2020 Vision”; it is safe to say no one saw this pandemic coming. It goes without saying that the future is always unpredictable; however, these past few months have been so strange and the outlook is even more obscure than ever. Investment decisions are hard at the best of times, but with data outside of any normal parameters and a huge range of potential outcomes – from a second or third wave of the virus, to how quickly economies can recover and the long-term geopolitical issues – it is harder than ever.
We have maintained our philosophy. We try to identify quality businesses with structural growth opportunities and the strong finances which can take advantage of these over the long term. As a style this has worked well through this current crisis. Strong companies have simply got stronger.
So, what happens next? Abraham Lincoln used to enjoy repeating the fabled story of an Eastern monarch who asked his counsellors to come up with a single sentence which would work in all circumstances. The result was ‘And this too shall pass away’. He loved the fact that it chastened in the ‘hour of pride’ and it consoled in the ‘depths of affliction’.
Whilst we continue to reflect on what has happened to the world in the past few months and the human cost, we must also keep our eyes on the horizon knowing that things do not stand still. The power of human ingenuity will win in the end and this virus too will pass away.
As we move into the next phases of the post-crisis world, we will have to contend with ‘times like these’ – a more indebted, less global, and more digital society. We may have to deal with higher taxation, uncertain inflation, protectionism and populism, whilst all the time navigating the moves from global to local supply chains, and from physical to digital.
We look forward to the challenge of looking after you and your investments in this new world.
Graham Storrie
Managing Director, Adam & Company
Contributors



Graham Storrie
Managing Director
Stuart Dickson
Investment Manager
mark ivory
Investment Manager



Susan Boyd
Investment Manager
Dugald barne
Investment Manager
Kay Bendall
Investment Manager



David Boswell
Investment Manager
Allan Cameron
Investment Manager
Cameron Glasgow
Investment Manager



Kathy McGibbon
Investment Manager
Linsey McWalter
Investment Manager
Simon Murphy
Investment Manager



John Peters
Investment Manager
Peter Bottomley
Investment Analyst
Ruairidh Stewart
Investment Analyst

Stuart Dickson
Investment Manager

mark ivory
Investment Manager

Susan Boyd
Investment Manager

Dugald barne
Investment Manager

Kay Bendall
Investment Manager

David Boswell
Investment Manager

Allan Cameron
Investment Manager

Cameron Glasgow
Investment Manager

Kathy McGibbon
Investment Manager

Linsey McWalter
Investment Manager

Simon Murphy
Investment Manager

John Peters
Investment Manager

Peter Bottomley
Investment Analyst

Ruairidh Stewart
Investment Analyst

IMPORTANT INFORMATION
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: 6-8 George Street, Edinburgh EH2 2PF.
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.
About Adam investments
We offer discretionary investment management to individuals and their families, and to charities. We take a long term approach to investing and we believe this gives us an advantage in a world where markets and media are increasingly focused on short term news.
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