O tempera! O mores!


O tempera! O mores!  As we write, two of the major political issues that have dominated politics, media, public discourse and our minds appear to be coming to their conclusions. In the US, the independent counsel’s investigation into the Trump administration and potential collusion with Russia has concluded with a report being submitted to the Attorney General.  In the UK, the Brexit discussions are approaching their climax as Parliament has voted to take control of its legislative agenda and to seek to achieve an outcome that has eluded government so far.

Regardless of the ultimate outcomes and of our individual views about which of those outcomes we would prefer, it appears that in both cases our democratic institutions have proven to be resilient and that responsible actors are working to achieve reasonable resolutions.   Most importantly, however, if we are indeed approaching reasonable resolutions, we may have cause for hope that the worst may be behind us and that we can focus on the political, social, economic and environmental challenges that remain ahead.` Economies, companies and markets have been resilient in the face of the turmoil and growth may well reaccelerate during the course of this year.  We will remain vigilant of course but there is no reason that companies with quality and value should not do well.

Last month we wrote about the ‘Nestlé way’ of growing businesses and generating value over the long-term by having the right balance of growth and efficiency, of reinvestment and capital return.  It is a prudent and proven approach that allows companies and their shareholders to prosper over the long-term.  We believe that responsible and sustainable investing for the long-term must go along with a concern for society as a whole, which provides us with the opportunity to invest, to preserve and increase the value of assets, and to put them to the uses we see fit.

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