Alasdair Macleod

Alasdair Macleod

Alasdair has been a celebrated stockbroker and Member of the London Stock Exchange for over four decades. His experience encompasses equity and bond markets, fund management, corporate finance and investment strategy.

Articles by Alasdair Macleod

Inflation: This Time Is Different

Bank lending is contracting, and it is important to understand why. At this stage of the credit cycle, which began expanding following the aftermath of the Lehman crisis over a decade ago, a sharp contraction of bank credit to nonfinancials is normal.

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Why GDP Metrics Won’t Tell Us Much about the Post-COVID Recovery

In seeking to measure everything, econometricians gave us the dubious gift of gross national product and gross domestic product, the latter being in fashion today and the former in times past. Although there are different ways of measuring it, GDP is commonly taken as a measure of spending, comprised of household spending, government spending, investment spending, and net exports.

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Will a Credit Crisis Threaten Boris’s 2020 Brexit Plans?

Boris and the Conservatives won the General Election with a very good majority. In truth, opposition parties stood little chance of success against the Tory strategists, who controlled the narrative despite a hostile media. At the centre of their slick operation was Dominic Cummings, who masterminded the Brexit leave vote, winning the referendum against all the betting in 2016.

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Valuing Gold In A World Awash With Dollars

In this article I point to the pressures on the Fed to moderate monetary policy, but that will only affect the timing of the next cyclical credit crisis. That is going to happen anyway, triggered by the Fed or even a foreign central bank. In the very short term, a tendency to moderate monetary policy might allow the gold price to recover from its recent battering.

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