Worldwide Financial Planning

This week sees SpaceX shares start trading in New York. The IPO was heavily oversubscribed and many investors will watch the first day’s trading closely, looking to secure a stake or to pocket a quick profit, depending on their view of the company’s valuation.

Market predictions are comforting because they give chaos a suit and tie. Inflation will do this. Rates will do that. It all sounds clever, particularly when delivered by someone in a studio with a serious face and a chart behind them, and a wee bit of dramatic music.

Downturns are painful. They frighten people because the headlines are loud, and the recovery date is never printed neatly on the first page. Nobody rings a bell at the bottom.

Equity markets were less active this week. Broadcom’s update was positive but fell short of expectations, holding back AI-related tech stocks.

This week, Washington and Tehran moved closer to a deal that would extend the ceasefire by 60 days and reopen the Strait of Hormuz, with Brent slipping to $91 a barrel by Friday morning. The terms remain pending Trump’s signature, but Chevron’s chief warned that inventory buffers are drawn down to the point where physical prices will rise into June and July regardless.

Passive investing used to be cheap, dull, sensible, cardigan-like. While the active fund managers waved their colourful charts around and explained why this was the year for their underperforming genius to reappear, trackers simply got on with the job.