Good morning!

I got home at about 1am last night, after a delayed flight. But am feeling surprisingly chirpy, all the same.

The overall level of the market remains on my mind. I might have underestimated the extent to which the air coming out of US equities could be a headwind for UK shares. And I do think there is a lot of air that needs to be extracted from the US markets.

That being said, President Trump is not going to want a stock market crash to be the backdrop for his 2020 re-election campaign. He regrets hiring Fed Chairman Jerome Powell, who bears the ultimately responsibility for rising interest rates:

"So far, I'm not even a little bit happy with my selection of Jay," Trump told the Post. "Not even a little bit. And I'm not blaming anybody, but I'm just telling you I think that the Fed is way off-base with what they're doing."

If the Fed slows down its rate hikes under pressure from the President, that will certainly be good news for equity prices.

The market has started to price that in: after yesterday's rally, the Dow Jones Industrial Average is only about 6% off its recent all-time high. That still sounds rather optimistic to me!

Like most of you, I continue to spend most of my time looking at individual companies. But it's nice to have a sense of history and of overall valuation levels, to give the context for what we're doing. I remain bullish for UK shares, while acknowledging that the road higher will be a rocky one.

Today we are looking at:

Ramsdens Holdings (LON:RFX)

  • Share price: 163p (unchanged today)
  • No. of shares: 31 million
  • Market cap: £50 million

Interim Results - Six Months ended 30 September 2018

What a crazy range this one had yesterday: a high of 167.5p, a low of 147.5p. Results had been reported in line with expectations.

It ended the day 2p higher than the previous day, at 163p.

Ramsdens is a pawnbroking/financial services chain based in the…

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