White papers

Listed below are a range of thought pieces and white papers written by investment experts within GSFM or our investment partners.


GSFM’s investment strategist Stephen Miller has penned a range of Investment Perspectives, available as follows:

Published Title Download
May 2021 Is the Fed fighting the last inflation war? [ View PDF
May 2021 On the dismal science of currency forecasting [ View PDF
April 2021 It’s not all about interest rates [ View PDF
January 2021 A (policy) bridge over troubled water or a bridge too far? [ View PDF
October 2020 From monetary policy to fiscal rehab and beyond [ View PDF
October 2020 The inflation wolf at the door? [ View PDF
September 2020 We’re all fiscalists now [ View PDF
July 2020 Gold’s defensive appeal shines as market risks mount [ View PDF
April 2020 Malign or benign? Two paths for government and economy post-crisis [ View PDF
March 2020 It’s a supply shock stupid! [ View PDF
October 2019 Beware: policy swings like a pendulum too [ View PDF
July 2019 Every silver cloud has a dark lining [ View PDF
March 2019 Who’s afraid of the big bad yield curve? [ View PDF
August 2018 The bond market’s new pessimism [ View PDF
July 2018 The boy who cried wolf was right in the end [ View PDF
June 2018 Is good news bad? [ View PDF
April 2018 Bad beta [ View PDF
March 2018 The old normal and the president [ View PDF 
February 2018 Back to the future – the ‘old normal’ [ View PDF
Epoch Investment Partners

Epoch produces a range of in-depth white papers and insights on capital markets and investment-related topics, particularly as they relate to the global equity shareholder yield strategy employed by Epoch.

Published Title Download
March 2022 Epoch Perspectives: Russia invasion of Ukraine [ View PDF
June 2019 Blitzscale and hope: unicorns, IPOs and the fear of repeating the late 1990s [ View PDF
June 2019 The PE ratio – a user’s manual [ View PDF
December 2018 Trump, tech and trade [ View PDF
September 2018 Is e-commerce a bubble? [ View PDF
July 2018 The return of price discovery [ View PDF
April 2018 The limits of theory [ View PDF
January 2018 Tech is the new macro III: When ‘bits’ meet ‘atoms’ [ View PDF
December 2017 The winds of change [ View PDF
December 2017 What do we mean when we talk about value? [ View PDF
August 2017 Tech is the new macro II: Implications for labour markets and productivity View PDF
June 2017 Tech is the new macro I: Impacting all three components of return on equity [ View PDF
May 2017 The impact of passive investing on market efficiency [ View PDF
February 2017 Trump and trade: what are the risks? [ View PDF