Worldwide Financial Planning

Washington ended the week threatening to make its blockade of Iranian oil indefinite unless the Strait of Hormuz reopens, and Tehran keeps raising its price, so crude sits near $87. The cupboard is barer than the price admits.

Following the theme of passive investing…. a forest with 10 enormous trees can look magnificent from a helicopter. Walk underneath and find no saplings, poor soil or biodiversity and you have a different picture.

Hopes of a deal added to equity market positivity following some strong tech earnings updates, although there are still some concerns about the scale of AI investment. However, America has been excluded from the talks between Iran and Oman. This may help secure a short-term agreement but the US is further from its goals than ever and has shown its willingness to return to hostilities.

Passive investing has been one of the great consumer wins of the last half century. Trackers and exchange-traded funds (ETFs) have cut charges, exposed lazy active managers and given ISA and pension investors access to markets at costs that once sounded like fantasy.

The roller coaster of emerging market AI-stocks continued this week. Korea’s Kospi index tumbled before recovering most of its losses. Sentiment there turns fast, and heavy retail use of leveraged products magnifies every turn.

Cash is one of the great comforts of financial life. It sits there, doesn’t shout, doesn’t fall 20 per cent in a bad month, and is available when the boiler decides to retire before you do.